Australia May Resume Trend

FX:AUS200   S&P/ASX Index
1672 9 38
Australia main index looks ready for further gains.

  • A double bottom formation at the long term rising trend which was completed on breakout above the neckline at 5610.
  • Bullish divergence on Momentum
  • Breakout back above the two mean averages (50 and 200)
  • Major bullish pin bar on the weekly chart

Generally this is a guideline for the setup, you should choose whats suits you for entry and exit . For me, A pullback towards the neckline could be an opportunity to long. With a stop loss below 5480.00

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Nice set up technician, I am entering now at the neckline (huge resistance @5600)
Thank you!
Nice setup thank you!
test and go?
+2 Reply
Technician jangseohee
Could be the case buddy, one possible scenario. I am biased towards this as well..
2use jangseohee
+1 from me on this
AUD USD will also rise?
Hello, I belive if the rising confirm momentum after testing the neck line , this should afect all AUD pairs , but I would look to work on EUR/AUD and AUD/CAD which put up a less resistance and they have much reversal or break of trend chances.
I think the Tech wanted to inform anybody about a possible AUD reversal for the up side and we should use that information how we see fit.
I for one thank him for that, because i don't follow the indexes (althought I should).
P.S. In explanation should be double bottom :)
+1 Reply
Thanks for the correction mate. I am not sure how this will play-out with Aussie currency, as there is no dominant technical correlation.
ValeriuV Technician
Yes, you are probably wright about correlations. the way I see it it like pascal's principle of communicating vessels. The monetary mass is finite. So an increase in one currency has as result the decrease in other/others currency. Our job is to find which other currency is more likely to decrease when one increases. Your POV ( if confirmed ) that AUD will increase, helps me solve half of the problem. All I have to do is find him a week playmate ;)
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