EURAUD Hits Target 2 & Gold goes south

EURAUD Hits Target 2 & Gold goes south

- in Forex Trading

EURAUD, Daily              

September 20 I posted a SHORT position on EURAUD following the rejection of the 200 DMA at the 1.5065 level, earlier in the month.  The trade was entered following a breach and break of the 20 DMA at 1.4820.  Target 1 at 1.4700 was hit by September 22 and last week ( September 28) Target 2 (1.4580) was achieved following a rally in the Australian dollar, before a strong bounce back to the 1.4700 level. The overall gain was 240 pips in six trading days.

Conversely, on September 22 I posted a LONG position on Gold looking for a rally to the psychological 1350 level from my entry at 1333.  Although the trade started positively the upper trend line held and the high was capped at 1344. The price then reversed sharply last week through support at 1326 as the USD gained strength.  Earlier today the lower trend line was breached at 1315. The overall loss was 184 in eight trading days.

As with all positions, good risk management and trade size means that trades have time to run their course, be that successful or not. Join me tomorrow at our next LIVE ANALYSIS webinar and learn how to interpret the markets.  I will  also review the third quarter and look forward to the final quarter of 2016, which promises to be very interesting, highlighted by the US Presidential Election.

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