Aussie dollar is still looking on a uptrend
1. uptrend valid
2. support and resistance being hit at all angles and has pulled back of a solid resistance
3. hit retracement level and is still valid from the last
looking for a new high we see what's going to happen
2. fib level hit retracement level
3. support has been hit and is respecting it
4. risk to reward ratio in favour
5. moving average is clearly indicating it is going long
1. on lower time frame looks as if it is going short
2. moving average on lower time frame shows down...
the market is already in a downtrend on the weekly monthly even the Dailey
the New Zealand is yet to release the news on the unemployment in the country which is said to look bad meaning the currency is going to continue to decrease !
it has also hit the fib level at 100% being 0.67156 to 0.65991 being 0 %. it retrace to the 23.60 % area which...
new breakout to occur on use/cad
written down the target for myself !
also some confluence by other traders I follow !
its nice to see the progression of work that others agree with me ! lets see what happens
when retested at 1.29300 I would play close attention to what it is doing I.E using the price range as a support or as a resistance my money will be on resistance but I wouldn't enter this trade without a stop loss probably again 20/30 pips on the opposite ! but if it uses it as a support level I would look to go long not short
AGAIN PEOPLE MY MONEY IS ON IT...
I Have been analysing this and it seemed to not break the zone to go to a short but it did hit the target we was looking for, but you can see CLEARLY it is respecting the target zone where I would look to buy and go long ! should it go short have a stop loss of around 30pips and get out as could drop to a all time low like you saw back in 2008 ! you never know...
WATCH FOR PRICE MOVEMENT, MOVING INTO THE DIRECTION ALLOCATED ON MY CHART !
IF TO ENTER I WOULD WATCH AND WAIT PATIENTLY TO SEE WHERE THE CHART WILL MOVE TO !
MY ENTRY WILL BE AT THE PRICE RANGE I SAID ON SCREEN TO GO BEARISH OR BULLISH BUT MY BET IS BULLISH ! :)
IF BULLISH WE COULD POSSIBLY SEE A HUGE REWARD PUSHING UP AND RETRACING TO THE NEXT LEVEL OF...