Monday, October 12, 2009

AUDJPY: 3hr A/D Trend

Here's a snip showing the accumulation distribution on the AUDJPY since the 2nd of October.

The recent test of the support line happened today near 2:30pm. Obviously, the fact that the RBA appears to be ready to continue a series of interest rate hikes appears to be driving this.

I'm looking for this line to break.

UPDATE: It's just after 6:30pm and I figured it might be nice to get a larger look at the situation (so it's easier to tell whats happening).

Notice the last minute downward motion on the A/D? I'd like it to hold and continue upward... but I continue to watch for the break.

UPDATE: It's almost 7:00pm. It looks like a break may be in progress. We'll have to see what happens prior to the end of the bar.

This may presage a correction in the AUDJPY. I'm putting my AUDJPY trading robot on a short leash.

UPDATE: It's approaching 7:30 and we get a different look right now.

The robot is staying on that short leash for now...

UPDATE: It's now 3:00am on the 13th of October. We're still treading just above the A/D support line.

I've noticed people tweeting about opening short positions. It might be best to wait until the A/D support line provides a signal.

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