AUDNZD trading nicely within a very defined rising channel. This is a long time frame rising channel, which started its moves since Dec 2013.
Will AUDNZD bounce up from point 3?? Enter long position around the 78.6% FIB retracement level.
Long AUDNZD 1.0630-40
SL 1.0580
TP1 1.0800
TP 1.1000
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On the longer term daily chart, USDCAD is trading within a very strong bullish channel. This bullish channel started on Sept 2012, with 4 confirmed trend lines bounces. Could there be a 5th bounce at the support zone of 1.0560-1.0600? Enter a long position here to find out!!
Long USDCAD 1.0570-80 (middle of the support zone)
SL 50-60pips
TP1 1.0800
TP 1.0900
NZDUSD is approaching its ALL TIME HIGH 0.8840, set in Aug 2011. I think its going to be hard to break above this level, at least on its first attempt.
Short NZDUSD 0.8830-40
SL above 0.8880
TP1 0.8670
TP2 0.8400
NZDUSD is approaching its ALL TIME HIGH 0.8840, set in Aug 2011. I think its going to be hard to break above this level, at least on its first attempt.
Short NZDUSD 0.8830-40
SL above 0.8880
TP1 0.8670
TP2 0.8400
NZDUSD is approaching its ALL TIME HIGH 0.8840, set in Aug 2011. I think its going to be hard to break above this level, at least on its first attempt.
Short NZDUSD 0.8830-40
SL above 0.8880
TP1 0.8670
TP2 0.8400
Scenario #2 (bullish AUD)
If AUDUSD makes a clean & decisive break above 0.9450, wait for a pullback.
When AUDUSD retraces to the pivotal range of 0.9410-50, enter a long position
Long AUDUSD 0.9410-50
SL 0.9350
TP 0.9750
Bullish continuation pattern in GBPJPY
The ascending triangle pattern is a bullish continuation pattern in GBPJPY. There are 2 ways to trade this pattern.
1) Aggressive method (Long GBPJPY on breakout)
Place a buy stop order on breakout above 173.50
SL 173.00
TP 175.00
2) Conservative method (wait for retracement)
After GBPJPY breakout decisively above 173.50,...
0.8500 is the strong support which has now turn into resistance. I am looking for a deeper pullback to 0.8540, the 38.2% FIB retracaement, before initiating a short position.
The main risk to this technical picture is another RBNZ rate hike in June/July. If RBNZ raises interest by another 0.25% to 3.25%, the bearish TA could be negated.
Short NZDUSD...
Scenario #2 if AUDUSD breakout below 0.9200 support
AUDUSD short on pullback to 0.9200 pivot zone
If it breaks below 0.9200 decisively, 0.9200 should act as resistance zone. Look for pullback to 0.9200 to enter short position
Short AUDUSD 0.9200
SL 50pips
TP 0.9080
Scenario #1 if AUDUSD bounce up from 0.9200 support
AUDUSD short on rally
Strong support zone at 0.9200. If 0.9200 support level holds, and AUDUSD rallies upward to 0.9330-40, look to enter short positions here. 0.9330-40 is a resistance zone & 61.8% FIB retracement.
Short 0.9330-40
SL 40-50pips
TP 0.9200
With ECB most likely doing a rate cut & negative deposit rate in June, it is sell rallies mode until the next ECB meeting in June.
Sell EURUSD at red resistance zone 1.3650-70. Target profits at green support zone 1.3500 & 1.3300.
Short EURUSD 1.3650-70
SL above 1.3700
TP1 1.3500
TP2 1.3300
