Benny: Great moves heading into market open on Aussie/Kiwi

FX:AUDNZD   Australian Dollar / New Zealand Dollar

Any trader worth his salt realizes that any one indicator on it's own ain't worth shit. A man could lose a fortune simply trading every ABCD pattern he sees, doji candle, or everytime the signal line crosses the MACD . However, when he see all these things start to line up together, great opportunities present themselves. One such opportunity exists right now on AUD/NZD             .

Using the camarilla equation, we see a weekly reversal area S3 around 1.06 (hint hint, even handled psychological round number) . We also see an R4 monthly break out signal in this same area. This area also lines up with a 1.618 extension , and a . 382 retracement of the last huge leg. 2 different ABCD patterns complete in this same area as well!

It could be a strong buy area, with a natural two to one R/R. If we do see price break lower beyond the S4 weekly and R3 monthly, and my manually drawn daily resistance/support line (small blue dashed line) I would be bearish on this pair for the foreseeable future.

If some kind of territory is breached, we look to an overbought/oversold condition on the RSI , and a wide dispersion between the MACD and signal line.

Stay thirsty, my friends.

-Benny Manieri
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