Trading suggestion:
. There is a possibility of temporary retracement to suggested support line (1.04517). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Technical analysis:
. AUDNZD is in a range bound and the beginning of uptrend is expected.
. The price is above the 21-Day WEMA which acts as a dynamic support....
Price has formed 3 clear cycles and is currently in a downtrend.
Price has pulled back to the 200MA and rejected this on the daily, forming an inside bar and further bearish price action confirming this.
I am looking for an intraday set up for a short.
POSSIBLE UPSIDE FOR THIS PAIR?
- TWEEZER BOTTOMS PRINTED ON TL
- 38.2 FIB LEVEL SUPPORTING TL
- DESCENDING CHANNEL HAS BEEN BROKEN (PRICE COME BACK FOR RETEST)
- DOUBLE BOTTOM ALSO IN PLAY
As AUDNZD has been moving sideways since mid 2014, I expect this pattern to continue with this recent breakout on the daily chart. This could continue until it hits the upper trend line in time which leads into a historical channel.
We have 4H confirmation of this trend, awaiting the daily candle to close above 1.0468.
Entry: 1.047
SL: 1.044 (varies depending on...
AUD outperforms NZD till the end of the month
RBNZ have taken a more dovish stance compared to RBA
Price has bounced off strong weekly support
With the seasonals, fundamentals and technicals all lining up, look for a bounce off the 4HR 20 EMA (1.4065 level) before another potential push to the upside
CURRENT BREAKOUT OF TREND SUPPORT, WE COULD SEE MORE BULLISH MOVEMENT TO CONTINUE THE PREVIOUS UPTREND. POSSIBLE RETEST TO TREND SUPPORT FIRST, SO POTENTIAL SHORT IN PLACE. IF NO RETEST NEXT TAKE PROFIT 1.09000
WAITING FOR IT TO BREAK SUPPORT BEFORE PLACING TRADE
Midterm forecast:
While the price is above the support 1.0275, resumption of uptrend is expected.
We make sure when the resistance at 1.0630 breaks.
If the support at 1.0275 is broken, the short-term forecast -resumption of uptrend- will be invalid.
Technical analysis:
While the RSI downtrend #1 is not broken, bearish wave in price would continue.
Price is below...
The two Australasian currencies are represented in the Australian Dollar vs. the New Zealand Dollar pair. High Rollover rates and like geographical locations cause them to often trade alike against other currencies. Because of this the pair is not extremely affected by global factors or trends but instead reacts more to changes in the local economies.
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