The Australian Dollar Is Heating Up. Should You Buy It Here?
See on the daily bar chart for the September Australian dollar futures that prices are trending higher and have just hit a nine-month high after producing a bullish upside breakout from the recent trading range. See, too, at the bottom of the chart that the moving average convergence divergence (MACD) indicator has just produced a bullish line crossover signal, whereby the red MACD line crossed above the blue trigger line. The bulls are in firm technical control.
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Fundamentally, the commodity-export-driven Australian economy is healthy. Australia generally has a strong and resilient economy, seeing consistent growth, a diversified workforce, and a high level of economic freedom.
A move in the September Aussie dollar above chart resistance at this week's high of .6631 would become a buying opportunity. The upside price objective would be .6950, or above. Technical support, for which to place a protective sell stop just below, is located at .6500.
IMPORTANT NOTE: I am not a futures broker and do not manage any trading accounts other than my own personal account. It is my goal to point out to you potential trading opportunities. However, it is up to you to: (1) decide when and if you want to initiate any trades and (2) determine the size of any trades you may initiate. Any trades I discuss are hypothetical in nature.
Here is what the Commodity Futures Trading Commission (CFTC) has said about futures trading (and I agree 100%):
Trading commodity futures and options is not for everyone. IT IS A VOLATILE, COMPLEX AND RISKY BUSINESS. Before you invest any money in futures or options contracts, you should consider your financial experience, goals and financial resources, and know how much you can afford to lose above and beyond your initial payment to a broker. You should understand commodity futures and options contracts and your obligations in entering into those contracts. You should understand your exposure to risk and other aspects of trading by thoroughly reviewing the risk disclosure documents your broker is required to give you.
On the date of publication, Jim Wyckoff did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Barchart.com
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