ForceFollower
Long

AUDNZD H1: Horizontal Ranges in a Bullish Channel

FX:AUDNZD   Australian Dollar/New Zealand Dollar
The AUDNZD             pair keeps moving in horizontal ranges while advancing higher within a channel. It looks like another leg up may be in the making. First, probably toward the resistance around the 0.8 level. The AUD is still relatively strong (on the verge of being neutral though), while the NZD is the weakest currency of all the majors.
On 4HHowever.......
The pair seems to be playing a box range.
I short from top of box, and exited about bottom of box at dawn, following that huge bear bar, whatever might have been the news.

Im watching this market closely.
snapshot
+1 Reply
ForceFollower moorekapital
Thank you for your input, moorekapital. I like your "confluence of points" - the crossing of trendlines - this may indicate we are at a key decision point. A good eye. I especially like your line drawn from those previous bottoms - the previous support that now is resistance - already acted as resistance once and is acting now again. Given that fact I'd strongly recommend taking profit at my orange resistance level. My TP order is @ 1.0805.
+1 Reply
This is how I see AUDNZD on Daily :

1.The pair has broken a short term down trend line with a very long upleg.
2.However, it faces a clear resistance @ a major inner downtrendline
3.This same point represents the lower band of a bullish trading range/channel which lasted for several days, following a sell off since 2011|03|09

snapshot
+1 Reply
AUD has been very strong as of late, even despite bad news like the rate cut...Good one.
+1 Reply
ForceFollower IvanLabrie
Thanks again, Ivan, for your comment.
Reply
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