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...
AUDNZD Trading the S/R Levels and Zones
Long term Up - Short term Correction towards the downside
All S/R Zones has power to reverse the trade, but once broken with a closing candle Support zone will become Resist zone, and Resist zone will become Support zone.
Only trade when levels in zones are touch for the first time with a 1 hour engulfing...
1. Based on the last 16yrs of daily close data (since 01/01/2000 to date) AUDNZD has a cumulative probability of a =>7th day lower at 0.5%, hence there is a implied 99.5% chance of reversal on the daily.
2. Technically there is also some nice structure about the 1.045 level.
1. Sell AUDNZD at market in 1xlot, and add 2x on each...
Price is moving down in a strong down trend for a long while, its now coming towards the end of the down trip., expect buying power at the support levels and zones below could bring price into a reverse uptrend trade soon. but before it happen, expect price to be moving in range between the support and resist zone until a break out towards the upper side to...