Click on the chart to see the details about how Dollar Yen based and had risen almost 200 pips using platinum’s forex trading strategy. Platinum Trading Academy published this prediction in the Forex Blog post on the 4th of January, well in advance of this move.
Australia and its Business Partner China
Today, allow me to talk about ‘the land down under’. You got it! Australia and its Business Partner China. I have seen some fundamental reports in my time but the Trade surplus that came out from Australia is absolutely mind blowing. This is first biggest trade surplus since 2014! The Retail Sales Report is the only major event to define where we go next on the Aussie Dollar. Bear in mind that there is a lot of data out from China that could get the Australian Dollar out of its seat very quickly.
I would like to show you that you can still take advantage of this move and make money in the coming weeks. As most of you know, I always study the fundamentals first for any currency and then move on the technical because this method or forex trading strategy has resulted in consistently profitable Forex trading.
What is going on with the Australian Currency?
This week the Aussie is ready to rock and roll based on one major event which is the Retail Sales. Platinum Analysts expect the downward trend to continue with an estimated forecast of 0.4% compared to the previous of 0.5% as well as a lot of news out from China. Last week, ISM beat expectation along with a mix of employment numbers as NFP fell considerably. We believe that the Fed is becoming ever so cautious as they would like to see how the economy will be impacted by Donald Trump’s Policy reforms. On the other hand, only time will tell if the best trade surplus since 2014 for Australia will continue.
News Events for the Aussie
Retail Sales (Tuesday, 00:30): Although you might have thought that Christmas sales would have picked up during the month, the downward trend is expected to continue with a modest 0.4% as forecast.
Chinese CPI (Tuesday, 1:30): Chinese markets can really move the Australian dollar. The indicator improved to 2.3% in November, edging above the forecast of 2.2%. The estimate for December remains at 2.2%.
Chinese Trade Balance (Friday, Tentative): China’s trade surplus dropped to $298 million in November, short of the forecast of $307 million. The markets are expecting a strong rebound in the December report, with an estimate of $345 billion.
Platinum Analysts are Bearish on the Aussie
The Aussie Dollar is sitting in a clear distribution zone and it is only a matter of time before it crashes. Click on the chart for details.
It seems like some of the big players are trying to get the Aussie 0.7500. In our opinion, this is not going to happen as the longer-term fundamentals are against this move. If we close below 0.7150, it is game over for the Bulls.
Forex Trading Strategy
It is clear the Aussie has broken into a Bearish mode after breaking the Ascending Triangle line. We have major confluence @ 0.7390 and it appears as the best shorting area if the price gets there.
At Platinum, we always use stop losses in trading. All trades should have a stop loss not more than 40 pips as stated on the chart. Place alerts at these levels and watch the profitability in front of your eyes and we can have over 200 pips move in one day. Sell and hold!
AUD/USD trade levels to watch
A) Short AUD/USD @ 0.7390 or nearest zone with 40 pips stop loss and target of 0.6850
B) If we have a Daily Candle close below 0.7160, a short AUD/USD @ 0.7160 or nearest zone with 40 pips stop loss and target of 0.6850
If you have any questions about this Aussie Trade, please book some time with one of our mentors and we shall guide you step by step on trading the opportunity using our forex trading strategies.
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Hopefully, you have enjoyed today’s article. Thanks for reading! Have a fantastic day!
Live from the Platinum Trading Floor.