Technician

AUDNZD: Monitoring For Long Confirmation!

FX:AUDNZD   Australian Dollar/New Zealand Dollar
1702 18 28
I am monitoring this pair for a potential long. NO LONG yet.
Two tentative bullish signs:
1)Strong positive divergence on RSI
2) Bullish Hammer Candle

- I will be monitoring 1.0395 horizontal level for a breakout, that would confirm a long trade for me..

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Technician
love your analysis buddy you've got a good eye. Again thx for the heads up :)
+1 Reply
Thanks mate , anytime :)
Reply
Thank Technician, your trading method is always clear and clean!
+2 Reply
Thanks ..
+1 Reply
Why? Go long there is a gap to be covered, what do u think?
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Hey Tech

Why would that level you mentioned confirm a long for you? I understand the RSI and the hammer, however I don't see how that level is any different then just taking break of the hammer?

Thanks
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Mate, this is the latest swing high(resistance) as you can see more clearly on the four-hour chart
snapshot
+1 Reply
kmk.msp Technician
bulls are going to talking control.
Reply
AujlaFX Technician
Thanks for that!

I usually just use the daily chart to trade so I did not even consider looking at the h4 when you mentioned the level in your post.
Very interesting
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its good to use multiple time frames for confirmation signal
+1 Reply
AujlaFX Technician
So despite finding signal on daily, your okay with going lower for confirmation? Won't it be better going upward to like weekly?

What would you target for this trade? Target on h4 or target on daily given the hammer was daily.

thanks for your replys
Reply
No mate, I get my bias through the higher time frame and my confirmation or signal through the lower.. In this particular price action, i would wait for another four-hour to close above that resistance then put a buy limit at 1.390(coz i didnt like the late session rejection on friday as you can see on the latest candle large upper shadow) .. I always target the next key resistance levels
snapshot
+1 Reply
I've been keeping an eye on the aud/nzd chart, and hammer is good enough for me to go long, since we've touched a multi-year low (up to now doji is also forming at W chart). Also love your analysis which is not over-complicated and thanks for all posts. Good trading to all
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i bought since 1.0338 sl @ entry zero risk tp1 1.0490 tp 2 1.0575
audnzd
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Well, you got your confirmation.
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ON it since 5 days :) Wish you luck !

Level To Watch: #AUDNZD double bottom in progress
Reply
MisterTrader MisterTrader
ENTRY for LONG at 1.0369 for me, let's see what gonna happen !
#AUDNZD: Double Bottom on the Run
Reply
GREAT analysis. take some guts to play the guessing bottom game.
Reply
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