MuathAlBulbul
Long

AUDNZD, will the downtrend beat the historical support? #FOREX

FX:AUDNZD   Australian Dollar / New Zealand Dollar
This pair is running on a very interesting time; NZD is stronger than ever, and the AUD is struggling to keep it's value.
On Friday, the candle closed a little bit below the historical support at 1.028.

Reasons to long this pair:
  • A historical support at 1.028 ( currently, the pair is running on it's lowest point ever!)
  • RSI and Stochastics on 4h both give a strong buy signal.
  • The down trendline drawn on the chart extends even further back to the 10th of July 2014, so it should be valid til now. (look at the daily chart for this pair below).
  • The price also hit the lowest point on the hourly channel that is drawn above. (A closer image is attached below).

Take a look at the daily chart , which extends the drawn down trendlines:
snapshot

The hourly channel:
snapshot

Best of lucky everyone!
for which one, the NZD ?
Reply
yeah it have a small breakout lets wait for the retrenchment
Reply
MuathAlBulbul Adil-khan
Yes, but I think a retrenchment is due to many reasons:

1- A historical support at 1.028 ( currently, the pair is running on it's lowest point ever!)
2- RSI and Stochastics both give a buy signal.
3- The down trendline drawn on the chart extends even further back to the 10th of July 2014, so it should be valid til now. (look at the daily chart for this pair).
4- The price also hit the lowest point on the hourly channel that is drawn above.

Let's wait and see :), and best of luck.
Reply
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