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Playing break of yearly open
Probability trade. ML resistance
Divergence showing waning momentum on 120, 60, 30 and 15 min charts. Been trying to get short of this and feel this is the reversal.
Downside targets at 6930 and 6890 so although missed the break of 6955 happy to try a late small entry to catch some of the move
Simple buy off resistance.Exhaustion showing with divergence. Stop placed wider as yesterday got caught out quite a few times.
Short against this decent resistance level. Together with weak fundamentals for AUD
Long - Probability trade
Closed above this trend line. Playing the GBP strength which usually a strong month for sterling. And recent election announcement may give sterling more strength
Exhaustion off big resistance zone. Divergence on 60 and 30.
Playing short off resistance. Divergence shows possible exhaustion on 60, 30 and 15 min charts
Zoom and retest
Outside bearish week, even though bullish longer term. gold/audusd relationship suggest possible low coming up when overlaying patterns. (For 16-24 Nov)
AUD/NZD has gained nearly 300 pips from the election panic low under 1.0400, and based on the recent price action, bulls may be looking to take it back up to the top of its 6-month range in the upper-1.0700s.
Zooming into the 1-hour chart, we can see that rates are forming a tight consolidation range just below the recent highs. This bullish price action is ...
We are at trend line support, 200MA, .382 retracement of the ascent from the oct low, .382 retracement of the decline off the high.
If this support holds we can hope for an upside move targeting median line or top of channel.
The pound is performing well in the post-election environment.
Last week's shock Trump win is seen to have put the UK at the front of the queue when it comes to negotiating a trade deal with the US. So whilst the greenback's strength has got much of the limelight, the pound is also showing high levels of relative strength.
In contrast, the yen is weakening ...
Broke out of bearish trend. Looking for a bullish reversal
Expect the downside bias after such a large reversal. Break lower cold be after this period of consolidation.