FX:AUDCHF   Australian Dollar/Swiss Franc
134 2 3
DATE 30/04/2014

CANDLESTICK CHART
Head and Shoulders chart pattern with breakout on 27/07. Price retested the breakout and held for the next 5 days.
Rising momentum since the left shoulder of the H&S pattern
Price retested the support yesterday and held.

RENKO CHART
Price retraced .764% and starting to head up again.
EMA crossover signals increased AUD strength

CONCLUSION
Wait for the RENKO chart to display another green block before buying.

PRICE TARGETS
S/L
Alternative 1: Support at 0.81250 (Obvious S/L area)
Alternative 2: 1.5 to 2 X ATR
Alternative 3: .618% retracement

T/P High at ~0.8300


ForceFollower
2 years ago
Yeah, price has been rejected by the 50% retracement, which makes it look pretty bearish now (the minor low has been taken out). But there's still a chance that after some pause it'll go up again to 61.8% Ret.
Reply
Renko is a bit misleading i'm afraid, especially with the traditional settings. With ATR 14, you see a clear inv. H&S with price going to test the H&S neckline at 0.8099, which should validate the inv. H&S and then push to the target.

snapshot
Reply
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