forexdailywisdom

forexdailywisdom

AUD/NZD is now trading at its lowest rate for over a decade. The all time high was 1.3794 in March 2011. 270 degrees below that price we have support at 1.0495. The market bounced off that level on 24 January 2014 penetrating it by just 5 pips. It has since retraced and stayed below it for most of the month of March. Another key support level is 1.0428, the low...

forexdailywisdom

On the weekly chart we see near perfect squaring of price and time. The market made a sustained rally from August 2012 to March 2014 then retraced 50% of the price range very near 50% of the time range. After a short rally it then retraced 61.8% of the price range at precisely 61.8% of the time range and is now rallying. Buy at or near 1.37 stop 1.3620. Advance...