PRICE BROKE BELOW SUPPORT LINE RECENTLY AND WAS RETESTED YESTERDAY. SUPPORT TURNED RESISTANCE HELD ITS SIGNIFICANCE. PIN BAR REJECTION OFF 0.9000.
WILL IT CONTINUE TO BE A SIGNIFICANT RESISTANT AREA?
THUMBS UP IF YOU FIND THIS IDEA INTERESTING. APPRECIATE IT. THANKS.
Comments
Casey_Yeo
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So you are in for this?
PriceActionTrading
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Well most NZD seems to be turning downwards. But i do not want to exit my AUDNZD. So im afraid i will let this go and put my faith in AUDNZD.
IvanLabrie
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No faith involved.
Look at correlations, AUDNZD is extremely overbought and all NZD* pairs have been extremely oversold.
Gold's heading up some but oil isn't, or would be very strange if it does...the BoC has been extremely dovish every time they've discussed monetary policy. RBNZ also started turning dovish recently.
I think there are safer pairs to trade. (like usdchf, usdcad, eurusd, gbpchf, gbpnzd, eurnzd)
PriceActionTrading
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AUDNZD and NZDCAD seems to have an inverse relationship. So yea. Kind of conflicting if i were to sell both.
So i will be looking for buy signals across NZD. You are right Ivan. Thanks.
IvanLabrie
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I like monitoring audnzd to determine which is strongest, same with eurgbp and eurchf, and gbpchf.
Useful to trade other pairs.
As for gold and crude, we're in a strange situation with gold going up and crude falling.
PriceActionTrading
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Me too. regarding monitoring.
Cant comment on crude and oil i do not trade those :)
PriceActionTrading
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I WANT TO SELL THIS. BUT I HAVE A SELL AUDNZD.
ISNT IT KIND OF CONFLICTING? WHICH WILL WORK? WE SHALL SEE.