If we get a weekly close below the 0.786 price could keep moving lower,
however if we see price reject these levels and have a good opportunity for a sniper trade long.
We need to watch the H1/H4 for MSB/price action/candle formations
to confirm if the long trade is valid.
The situation shown is now critical. The 3D time frame seems to be showing a resistance ledge, that could well collapse. Two weeks ago my early probability estimate was greater for the north.
But as the picture unfolds, I see the probability as now greater for the south. This does not mean that price cannot still rocket north.
This is a follow-up on AUDNZD, which is now at a critical position. Price can head south, north or sideways. No predictions - as I have no working crystal ball (and I'm not going to purchase one).
Vigilance is needed on this. Watch out for spikes and whipsaws.
The usual disclaimers apply - which means if you lose your money, sue yourself.
With AUDNZD sentiments turning to bullish on H4, AUD possibly may be making significant statement to NZD that it's the currency turn to rally ahead of its counterpart...
- Let emotions and sentiments work for you
-ALWAYS Use Proper Risk Management In Your Trades
I think the chart shows it all here.
We have a longer term trendline acting as support and a clear trendline break upwards complete with a nice pullback for a good looking long entry.
The only thing the chart doesn't show is why I've set the exit point to where I have... My exit is sitting just below the 200EMA.
Price has been dropping steady into the dollinger bands, MACD and stochastics in the over bought zone, RSI and CCI have also crossed
Waiting for the PSARs to flip to the underside and enter for a buy and climb up to the 50 MA
Any feedback always welcome
August uptrend line has been broken on the daily and the price has bounced down from a long term downtrend so will look to place an aggressive tight trade with only 1% risk compared to the usual 2% but with a 4:1 profit ratio.
TP - 1.03618
AUSSIE DOLLAR HAD BAD FUNDAMENTAL NEWS LAST WEEK AND CAUSED A DRAMATIC RALLY DOWN, PRICE IS CURRENTLY IN A KEY SUPPLY/DEMAND ZONE BUT NO CONFIRMATION FOR ENTRY YET. AS YOU CAN SEE BY THE ANALYSIS TWO OPTIONS WITH THIS PAIR, PRICE ACTION WILL RESPECT CURRENT ZONE AND GO BACK UP TO RETEST PREVIOUS HIGH OR RALLYING WILL CONTINUE DOWN AND SHOULD FIND SUPPORT SOMEWHERE...