BUYER UPWARD PRESSURE from AUD strength and USD weakness ... Now and pending ...
A good SR zone around 1.7400, price exhaustion and MACD bearish divergence. Will target around 1.7270 with SL of 1.743
Aggressive rejection of 1.05 level could lead to sharp surge back up to 1.13 in the coming weeks
Long AudCAD on 4hr/daily break to upside. daily timeframe is better for this one because it has been consolidating more extremely on smaller timeframes.
Noticing price stalls at this level, plus noting some divergence as well
After the NZD rate cut last night and the growth in inflation that we have been seeing in Australia I expect the AUD/NZD to continue on a long position path. On the monthly chart there is also a huge head and shoulders pattern developed which depicts a 2000 pip target from 11150. Looking for the pull back to the pivot point for an entry today. learn to trade like...
The Aussie has become somewhat neutral currency due to the halting of monetary easing giving the opportunity for the AUD to rally from lows against weaker currencies. On the JPY side of the trade the BoJ are actively intervening in the FX space to keep their currency weak. The dangers of this trade are the safe haven flows strengthening the JPY momentariy. However...
This trade is based on cross time frame analysis where the 4 hour, daily and weekly all show technical signs of reversal. On the 4 Hour we can see the formation of a double bottom, the daily has a morning star and the weekly is developing a pinbar. My stop loss will be based under the double bottom and incorporating the psyco number - learn to trade like a pro boafx.co.uk