With the AUD/USD pair currently making new highs, at least for 2009, I thought it was worth discussing the long-term chart because I think this is a perfect example of a currency pair that's in a perfect long-term uptrend. To show you what I mean, I have included a price chart of the AUD/USD pair below along with the various reasons why this has been a perfect pair to trade for any long-term trend followers.
- The EMA (200) has been rising steadily since the uptrend begun.
- The price has remained above the Supertrend indicator (which has therefore remained green throughout).
- The price has always bounced upwards whenever it has got close to the long-term trendline.
- The EMA (20), ie the thin green line, has remained above the EMA (50), ie the red line, at all times.
- The TRIX indicator (not included on this chart) has never fallen below 0 since the uptrend started.
- Finally if you are a Marketclub subscriber you will see that the last monthly trade triangle was a buy signal on April 12th at 0.7268 and has remained in place ever since with the price now over 1600 pips higher.
So looking ahead it's clear that the long-term uptrend is still very much intact. However if you're looking for value you may want to wait for the price to pull-back to the long-term trend line before entering any new long positions.
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