A1 Trading Company

Ticker tape by TradingView

March 8, 2022

Our TOP Setups On The Buck

Frank Cabibi

The buck looks weaker today as Regional Bank of Australia governor, Philip Lowe is set to speak later today. The discussion will likely cover interest rates and economic outlook going forward, and traders will try to decipher clues on future policy. Here are our forecasts and our top setups on the buck.

Retail Sentiment

our setups on the buck
https://a1trading.com/market-analysis/retail-sentiment/

Investors seem to be mostly bearish on the buck amid the risk-off behavior echoing throughout the global market due to conflicts in Russia-Ukraine. The retail trader is now easing off speculative plays and shifting towards the USD and 'safer' currencies.

COT Data

The weekly commitments of traders data revealed that big money is growing their positions on long contracts on both gold and the buck. The monetary shift also included a considerable decline in short contracts for both markets. If this trend continues, we could start to see a more valuable buck over time.

Our Top Setups

AUD/USD

out top setups

The pair ended up retreating back under the 200-day and hovering just above the rising trend line on the 1D. The rising trend line looks like AU's strongest support right now, so a long position there would be something worth considering if price comes back down to that level. And depending on market conditions (gold loses value, RBA keeps rates the same), that support level could serve as a potential short setup on a break underneath.

AUD/NZD (Bearish Bias)

our top setups

This pair is showing some key indicators for a directional shift. One is the double top at 1.07957, and the other indicator is the lower low on today's candle paired with the dip under the 50 DMA. A close underneath the previous low would help solidify bearish sentiment on this pair. However, the 1D chart still has strong support at 1.06126 which would be a difficult level to break under.

AUD/JPY

AJ actually looks relatively strong here after retracing from a long term resistance level from the 1D timeframe. Although price retraced from resistance, it seems like the pair will try to make another test at the triple top, in which case will make a break above resistance more likely. Price is currently on support so it will be interesting to see where price will end up after today's session. If gold continues to outperform, so will AUD, probably.

A1 Edgefinder

#1 Market Scanner Tool
Take 10% off using code "READER"
GET ACCESS NOW
Want to See Our Trades?

Join The VIP Community!

Our entries, exits & analysis
Live Webinar Coaching
Trading Chatrooms
Strategy Library 
Exclusive Trading Guides
Use Code "READER" for 10% OFF!
JOIN NOWJoin FREE Discord
Listen to More Episodes
Get Ready for the Bear Market

Last week’s selloff was brutal for investors in the US stock market: the Dow Jones Industrial Average closed at its lowest level since late 2020, falling to 29590.41, losing 1.6% on Friday alone. With the S&P 500 currently down a whopping 23% from January’s highs this year, and other indexes close behind percentagewise, stock market […]

Read More
Why the New FOMC Decision Matters

Yesterday, the Federal Open Market Committee (FOMC), the Federal Reserve’s policy-making body, implemented yet another 75 basis point interest rate hike. While this move was perfectly in line with market forecasts, Chair Powell’s comments following the subsequent press conference, in which he discussed the FOMC’s new set of economic projections, were significant. He continued to […]

Read More
Shocking CAD Inflation News

Statistics Canada released a surprising new batch of inflation data this morning: month-over-month CPI failed to meet market forecasts, declining by 0.3% instead of the anticipated 0.1%. Rather than being an outlier, the other measurements of CPI mostly followed suit, as both year-over-year Trimmed CPI and Median CPI likewise failed to meet expectations. Trimmed CPI’s […]

Read More
DISCLAIMER: All comments made by TraderNick’s Forex Group, LLC are for educational and informational purposes only. All comments should not be construed as investment advice regarding the purchase or sale of any securities or financial instrument of any kind. Please consult with your financial adviser before making an investment decision regarding any securities or financial instruments mentioned by TraderNick’s Forex Group, LLC. TraderNick’s Forex Group, LLC assumes no responsibility for your trading and investment results. All information on any of the platforms utilized by TraderNick’s Forex Group, LLC was obtained from sources believed to be reliable, but we do not warrant its completeness or accuracy, or warrant any results from the use of the information. TraderNick’s Forex Group, LLC, its employees, representatives, and affiliated individuals may have a position or effect transactions in the securities and financial instruments herein and or otherwise employ trading strategies that may be consistent or inconsistent with the provided strategies. Trading of any type involves very high risk and may not be suitable for all investors. TraderNick’s Forex Group, LLC, its subsidiaries and all affiliated individuals assume no responsibility for your trading and investment result. Read our full disclaimer here
Home
Edgefinder
VIP
Menu
homesmartphonelaptopmenu linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram