Good afternoon traders,
Looking to position ahead of tonights Australian inflation data which we expect to come in below expectations of 1.5% (yoy) in a similar manner to the recent New Zealand data. Given the data driven nature of this trade we are trading with a tight stop loss just above the previous candle wick high on 17th April.
Backing the entry of this...
Possible short setup for AUDNZD on the 1D time-frame.
The pair has risen to meet a long-term ascending trendline and is showing signs of consolidation, particularly evident on the 4H chart.
The RSI is showing the pair is currently overbought and MACD is close to signalling a fall.
I am waiting for a little more...
AUDNZD is currently testing the 1.04520 area for resistance. Looking for the 10 period MA to hold back any further advance before we see a move down to breakout below the rising trendline.
Short trade set up, risk to reward 2.8:1
Low Test / Pin Bar Candle into key support.
Falling wedge break, looking for the pullback to retest before going long.
Look for Daily rejection at key Fib level as indicated on the chart, with a H4 trend change confirmation (higher high with entry on the higher low).
I see AUDNZD near a critical ATR trend indicator position, just above an 'investor zone' and in a critical congestion zone. The probability is usually for the south in this situation. This is not a prediction.
As this is at the end of long trend south. If it moves south at all - I do not expect much travel south before rebellions north. Price sometimes rises...
Possible strong pullback towards the trend line for AUDNZD. Price has broken trend line channel to the upside and now would be a good time to place a sell trade on the pullback to the trend line. Price has also been moving under both the 200 and 50 EMA which is still indicating a strong short bias. I expect the price to move back to the trend line and then go all...
Daily Support / Daily Resistance Zones Plotted
4HR Support Line Plotted
Not as many touches on my trend line as I'd of hoped but enough to convince me substantially that its heading towards Daily support.
I anticipate a long term LONG position with price action bouncing off either the 4Hr or Daily Support, plotted TP & SL.
I'll be checking back in a few days to...
I believe AUDNZD should go into up-trend very soon.
We can see this hammer at the bottom of the bearish channel which means the trend should change now.
Furthermore, the price is moving "Sideways" in this triangle, so it's time for some movement to the resistance.
We can expect some bearish movement in the begging of the week, but eventually,...