hussein.ahmed
Long

Waiting to confirm a trend reversal? Expecting a bullish trend.

FX_IDC:AUDNZD   AUSTRALIAN DOLLAR / NEW ZEALAND DOLLAR
59 0 1
Let me start off by looking at the weekly chart. The weekly chart suggests that this pair is still under selling pressure as prices are still trading below the 200 weekly moving average , this suggests a bearish bias for the pair in case if we stretched our sight to the long term. Also looking at the MACD indicator (Weekly), it is heading south, suggesting a further sell off and continuation of the bear trend.

However the Daily Chart shows a different story, it is signaling a bullish bias for this pair as prices are trading above the 200 Daily average , the MACD indicator is also signaling a new bullish wave as the blue line is crossing the orange line to the upside

Divergence: The divergence between the two charts (Weekly and daily) is indicating that there is a strong possibility of a trend reversal, however it is not yet confirmed. And for that I would consider this pair trading at consolidation. In addition the 200 DMA slope is steady and not pointing to any market direction.

Pattern On the daily chart , prices were rejected twice at the 1.090 support or at the 0.618 retracement of the May, 2015 bullish wave. The double bottom suggests further price appreciation towards the next resistance/ major round number.

Heiken Ashi & Renko are in Green trend filters and are suggesting a buying opportunity.

Confirmation Alert? I will wait for this pair to execute a break out, or in other words break and close above or below any of the major/ critical support or resistance levels. For now I believe that prices are going to continue in appreciating, however I will not jump into any position until prices break and close above the 1.15 level.
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