ForceFollower
Long

XAUNZD H4: Trending Up

FX_IDC:XAUNZD   GOLD / NEW ZEALAND DOLLAR
17 0 1
Here are the key points for this chart of XAUNZD:
- Trend. I find the trend up.
- Support. The falling price found support on the prior sloping resistance line at about 1800. There are minor support levels on the lower parallel at about 1790 and on the black trendline, just above the prior major high and the Fib-38.2% level (about 1760). I find the key major support level at the highs of the bottoming bars and the Fib-50% level: at about 1717.
- Resistance. Price may find first resistance at 1862. Next, if current high at 1886 fails to hold, I'd expect another resistance somewhere along the blue upper border of the channel, potentially at 1900.
- Trading opportunites: long entry at one of the support levels, with a stop-loss order below some prior low, looking to exit at some of the resistance levels with R:R of at least 1:1.

Here's the summary of how I see the current situation in financial markets (as of 16.02.2016, 16:00 CET):
The strongest currency: JPY (still strengthening).
The weakest currency: GBP (still weakening).
The leading markets:
- XAUGBP - trending up;
- XAUNZD             - trending up;
- XAUEUR - trending up;
- NZDJPY             - trending down;
- West Texas Oil             - trending down;
- Natural Gas             - trending down.
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Disclaimer:
There is a very high degree of risk involved in trading forex . I assume no responsibility or liability for any trading or investment results. My posted statements and charts may unintentionally include inaccuracies. All content posted is for educational purposes only and is not a financial advice. The presented set-ups are not solicitations of any order to buy or sell. Rather, you should use the information only as a starting point for doing additional independent research, your own due diligence, in order to allow you to form your own opinion regarding trading decisions. No assumption should be made in relation to the performance or accuracy of the methods shown. No claims are made as to the success or profitability of any of my posts.
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