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AUD/USD Live trading with Matthew Taylor - 07 Nov 2013

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AUDUSD trading

Here is today AUDUSD Forecast

You can now discus it live with Matthew Taylor.

Comments

50cent's picture

Hi Matthew, can you please explain what the chart lines exactly show?

50cent
Matt T.'s picture

Hello there, the blue line shows an important support level, while the red one is an important resistance level. These usually act as magnets for the price, and if broken the move of the binary options forex pair continues in the same direction. You can consider one as broken after the end of the hour. For example, in the past hour the AUD/USD has broken through the support line, so now we are clearly biased to the downside - we will keep a close eye and buy puts on any rally.

Matt T.
50cent's picture

Ok, so the tight range what you are talking in the forecast is located between the red and blue lines right?

50cent
Matt T.'s picture

That is correct - prices usually tend to form ranages before a major breakout such as in the EUR/USD pair today for example - we were talking yesterday about the ranges there, and now it has broken to the downside and today it is very impressively moving lower and lower.

Matt T.
fxZero's picture

So you expect more negative data to come from Australia? or why to buy puts weekly?

fxZero
Matt T.'s picture

Data out of Australia is likely to remain weak, yes. And to answer your question about weekly options - they are a great tool if you want to escape day to day and hour to hour volatility. It is much easier to lose your money trading 60 seconds, than weekly options. The price can be easily influenced by temporary factors and correct from time to time on shorter time frames, which on the weekly charts happens way slower - so one can trade more accurately if you trade on fundamentals.

Matt T.
fxZero's picture

And your advice is buy puts on rallies towards 0.9540-50 area weekly? you mean till end of this week or including next week as well?

fxZero
Matt T.'s picture

Hi fxZero, in the current circumstances, yes I would be maintaining that call for next week as well. Stay tuned for my next post on the AUD/USD pair, I will keep you posted!

Matt T.
SebastianF's picture

What are the time frames on this chart? And what levels exactly connect the support line?

Thanks for your time Matthew I definitely appreciate what you are doing. Cheers from France

SebastianF
Matt T.'s picture

Hi Sebastian, this is an hourly chart, I will be including the time frame parts in my next snapshots! thanks for noticing = ) the support line has already been broken today, it remains to be seen how sustainable that trade break will be, stay tuned for my next analysis.

Matt T.