There's a cypher developing on this chart (red) with a larger gartley opportunity proceeding.
There are a number of bearish inside bars (red arrows on chart) at the top of the cypher formation so I'd expect that to complete shortly.
RSI is bearish.
this time i want to show you a flag pattern that is forming up in 1hr chart on AUDNZD. Here we recently broke and closed below an important structure level (black line), so we expect price to continue lower.
It is very usual to see consolidation patterns after impulse legs like this, and the likelihood is that market continues on the impulse leg's...
this setup is similar to the USDJPY's one. We are testing a resistance level (blue line) and we created a double bottom with rsi divergence and then we broke that to the upside, giving us reason to believe in a change of trend.
So we wait for a .618 retracement of the impulse leg that broke the double bottom and then we buy the market.
First target at...
Playing perfectly along that 1.04141 support line. Bigger picture shows a bullish reversal back up to 1.05368 ish. There's also a cheeky little cypher within the Gartley but I don't think those rules will get met.
Set stops below 1.04141.
theforexportal is LONG this morning from 1.04444.
The blue support line on the daily time frame appears to be holding again and price is climbing up the rising trendline shown.
This trade has huge potential as this pair remain in the lower fib area under the 23.6 level so the scope for a move north is massive.
I have a STOP under S61 support at 1.0400.
theforexportal is LONG this morning from 1.0440.
On the daily we can see that the support area shown is potentially holding again and the rising trend line may support this pair as it advances.
This is quite an exciting looking trade as this pair trade in the lower fib zone (under 23.6 fib) and therefore has a long way to go north (potentially).
Audnzd Trading around 1.0555
its not holding above 1.0600 level
we can see on daily chart its
Rejecting that area and drop
again if hold below 1.0630 level
soon we can see it around
So sell advice in rane of
1.0560-1.0610 sl above 1.0650
AUDNZD - Long to Resist Levels and Zones
Correction could occur whenever price reach the resist levels.
wait for triangle breakout on every correction to the upside for more buys until price reach the top Red Resist level/zones.
Looking to short when price rises to just below the previous swing high. 2 short orders placed with the same stop loss but varied TP, confident the resistance level will hold and the long term downtrend will continue due to lower low on the previous swing.
As expected the RBA deciced to keep the OCR unchanged at 150bps. 30D Aussie bank bills implied only a 2% chance of a cut, down from the 10% we saw several weeks ago. There were few hints as to further policy, and it certainly feels as if the calls/ rhetoric for further cuts has been dampened in recent meetings following the august reduction. As well as in recent...