Q. What does a trader do with a view on a currency pair when there's no chart signal?
A. Look for a better pair.
RBA hawkishness walked back? Falls in key commodity prices? To me, these factors mean sell AUD. The problem is that the AUD/USD chart is giving nothing under my trading plan. So I turned to CMC's Next Generation trading platform and the pattern recognition scanner. The AUD/JPY chart above is the result.
A clear double top formation with a line in the sand to help with entry and stop loss levels? Potential for a multi big-figure move?Here's my conclusion:
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