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Forex Trade Signals and Setups Dec. 7th
AUDUSD – Showing Signs it Wants to Go Higher
With 83+% of all hedge funds having a losing year, we think many of them are closing up shop and putting this one down on the books. This has definitely caused liquidity to drain out of the markets and the numbers are showing up in the hourly pip range’s which have contracted massively. This tends to create less trending/powerful moves and more range plays so we need to switch from missiles to guns by looking for range plays and rejections off key levels.
Although the AUDUSD seems to be less affected by the upcoming EU summit, even though it knows it may have to take a cue or two from this meeting come friday, we see a few potential setups coming up for intraday traders.
With that being said, as the pair has played inside the range we previously discussed, it has been floating consistently towards the top of this range, being bought up 8 of the last 11 candles or 32 of the last 44 hours. Watch for a possible pinbar rejection at the top of this range which would give a good opportunity for the bears to short. Bulls can meanwhile look for a breakout-retest of the highs on the 4hr chart which will likely push the pair to 1.04 and 1.05 within a short period of time.
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