Checking Out AUDUSD
My whole AUDUSD neural net model is shot to hell because of the massive selloff last year, so I’m forced to rebuild it from scratch. As I ponder the inputs for the model this time, I’m spending time familiarizing myself with that market again.
So what do I do? Well I pull up a chart of the AUDUSD currency pair and slap a Fibonacci Retracement tool on it. Its amazing how many traders use this tool because prices tend to “retrace” to certain price levels BECAUSE so many traders use Fibonacci. Self full-filling prophecy I guess.
Anyway, I’d be playing a breakout of 0.7461 in this currency pair, if it can ever get there.
audusud-042109(click to enlarge)