A few weeks ago I was interviewed by one of my mentors and friends in the trading industry, Ray Barros. He asked me questions related specifically to help people get going with their trading. Having listened to about 15 seconds of it, I will apologise in advance for the poor quality of my microphone … you can watch the interview below:
In the interview I share a lot of my own story when I started out and share some things I have never shared before – I hope you enjoy it.
To the markets ….
ASX200
After enjoying some support from the key 5400 level, the ASX200 index has now fallen away strongly to now be trading at its lowest level in 3 months – below 5200.
This week the highs / lows reading is 3 / 5, which is the first time in a while that there has been more lows than highs. There were 3 stocks in the top 500 that achieved new all time highs this week with the cheapest of these being MNF Group (ASX Code: MNF) at around $5.
There were 5 at new all time lows this week – Link Admin (ASX Code: LNK) is the most expensive of those around $7.
Image from MetaStock
AUD/USD
The Australian dollar continues to trade within a large range and doesn’t show any signs of moving outside that range any time soon. In the last week or so it has rallied strongly again yet run into the resistance level around 0.77 again. As I have mentioned a few times previously, there is clearly significant resistance around the 0.77 level as every time it gets anywhere near there, it is sold off reasonably strongly. The more this level offers an obstacle to higher prices. the more it is likely to continue to discourage Australian dollar bulls.
Over the last few months the AUD/USD has traded mainly between 0.7500 and 0.7750 and therefore established a trading range which will have observers watching for which side breaks and where the next big move will be. Even now it remains well within this range.
I stand by my previous comments that I see limited upside as the resistance around 0.7750 seems clear and earlier last week the AUD/USD rallied strongly but was sold off just as strongly from above 0.77.
As I type this it is trading around 0.7680.
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