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Forex Trade Signals and Setups Nov. 9th
AUDUSD – Executes TKx Signal
As we wrote on Monday in our Forex Trade Setups where we offer several setups so you can learn to trade successfully, our AUDUSD sold off aggressively activating a TKx signal exactly as we portended. The signal executed around 1.0300 which is over +170pips ago so our Ichimoku Traders made some nice pips on this one – hopefully you did the same.
The Kumo is still thick and while the Tenkan and Kijun have become more obtuse in their angles, we expect them to hold so pullbacks to the 1.0281 (middle of Tenkan and Kijun at the moment) along with 1.0200 should hold upside plays and could be good pullback levels for rejection areas to short again.
In terms of the downside, once 1.0100 goes, we expect a quick move to parity before bulls consider taking any new positions so shorts can hold for this should the former round number break. Watch the Tenkan for short term clues.
EURUSD – Rome is Burning
Virtually as we also wrote on the forex trade signals blog, we had commented how the price action looked weak and had corrective move written all over it suggesting the next impulsive move was to the downside. We also suggested taking pullbacks to the 1.3850 level for re-activating shorts for another leg down.
This is exactly how it played out as the pair went to 1.3850 and is now over +325pips lower. Our price action traders also made some nice pips on this one and hopefully you captured part of this move as well. 1.3500 is up next and should this break, then we expect a move to 1.3375.
There might be some profit taking at the big figure, but with the Roman Candle burning at both ends with Italian bonds hitting +7% (quite alarming for the worlds 3rd largest bond market), now the threat of a eurozone failure becomes a lot more real as any serious meltdown in Italy would shatter any hope for the region. Greece is a small player that a lot of the banks are exposed to. Italy is the 800lb gorilla nobody wants to see get out of control so we expect more weakness on the pair.
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