APosner

wait for the aud/nzd consolidation to break

FX:AUDNZD   Australian Dollar/New Zealand Dollar
75 3 2
Current situation:
- Price is at the bottom of a range on the daily chart
- Price is consolidating on the four-hour chart

Looking ahead:
- Waiting for the price to break on the four-hour chart with a close above 1.0550 to enter long.
- A break and close below 1.04 would mean a failure of the longer term range to hold and continuation of the current downward selling pattern.

Notes:
- On July 4th the RBA will make its cash rate announcement. Price may not alter consolidation until ten.

And the 4hr chart
snapshot
Reply
Hi , I like your chart,mostly because I bought at 1.0442..., I thought the RBA meeting was this week though? As I've a feeling they will drop the cash rate? What do you think here..? Thanx
Reply
Thanks...the RBA announcement is on 7/4 http://www.forexfactory.com/calendar.php?week=jul3.2016

I don't have an opinion on the rate now.
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