Simple TL break and retest trade. I have applied the fib retracement levels and the retest aligned perfectly with the 0.786 retracement level. This is then a lower high on the 4hr chart.
I am targeting a new lower low on the 4hr.
Looking at another great setup this time in Aussie Dollar versus New Zealand dollar which spiked overnight as the Aussie central bank cut rates but then indicated that was them finished cutting rates causing a short squeeze in this pair up towards the 100 day moving average around 1.05 where it has lost steam in moving higher.
AUDCAD bounced on a monthly support giving us a nice divergency on the daily RSI. The pair is currently consolidating but I'm expecting a breakout upwards due the bullish push prior to the consolidation. Targeting the 61.8 Fib level.
AUDNZD has been declining for couple of days and is ready for an intra-day pullback before the major trend continues. Analysis is based on my currency pair analysis. I expect the pair to fall to 1.04438 where I will enter the trade with initial profit target at 1.04794; 2nd target is at 1.04948. Stop loss is few pips below 1.04369.
Any questions? Please let me know.
We have looked at the daily chart and can see this as a strong area for support where the current price is. If we get a strong break and retest to the downside we could see a continuation on the bearish action, however I am currently bullish on this pair and expecting price to rise for now.
We will come back to look at this chart and we will keep you updated!
As we forecast uptrend for this day, so Forecast City suggests buy (limit) above S1=0.694.
But the short term forecast is range bound, so we expect to reach the following targets:
Set the stoploss of these orders at breakout of S2=0.693.
Stop and reverse:
If trend gets reversed, sell (stop) orders will be opened at breakout of...
Today we are taking a look at Aussie Dollar versus US dollar which is finding substantial selling at resistance levels just short of 0.6970. The pair appear to be at the latest lower high of its lower highs, lower low patterns and looks set to turn lower back towards mid 0.68.
The touching of resistance levels is being met at the same time as...
I am off out tonight to celebrate an amazing week trading and yes i am going to have 1 or 2 beers after all you have to let your hair down sometimes ( although this is hard for me as i have no hair ) haha.
Area of interest is highlighted, we are favoring bullish movement from this area, fundamental news today has pushed price down but technical analysis will push...