AUDUSD seems to be reversing the long term downtrend that started in July 2014.
There's only one week left in the largest mode's signal, and after exceeding the target, price formed a double bottom, and we observed a very strong rally emerge after its completion.
I'll be placing pending long orders here, similarly to NZDUSD, to try and capture the uptrend if it...
October marks month 6 of a very strong downtrend in the Kiwi.
We have many technicals, as well as interesting fundamentals suggesting dollar weakness for the rest of 2015, perhaps extending into June 2016. This fits in with the probability of retesting the mode in the coming 6 months this chart presents.
Currently, we have a weekly uptrend target on chart, and a...
Analysis on chart, I think this is a very good long setup and high probability of success.
If we get stopped we can try a bit lower with a stop at the monthly mode, but I'll try a tighter stop first.
Targets:
1.50165 - 75% confidence of retesting it
1.65801 - 60% confidence
1.72 - 55% confidence
Good luck gents!
Ivan Labrie
Time at mode FX
