6A (AD) Aussie is getting stronger. 20MA crossed the 50MA - bull trend. Recently retraced to the 20MA. The trend up could resume soon. Pull back to 0.88-0.87 is possible and would be ideal to enter long otherwise I'll buy at trend-line breakout targeting 0.94 in one month time.
Testing the double window set-up
6A (AD) Aussie is getting stronger. 20MA crossed the 50MA. Recently pulled back to the 20MA. The trend up could resume soon. Buy at trend-line breakout targeting 0.94 in one month time.
Have been eyeing a weekly completion of a bat pattern(Green Horizontal), this could an eye opener. Showing a .382 retracement on both the Weekly and the Daily for a possible continuation to the downside. Inverted hammer on long-term support becoming resistance(Blue Parallel). Double top in the Hourly just made its T with a beatiful doji/high wave The two...
Aussie has bottomed. The monthly chart is showing that we have reached a support inside a long term channel . The daily chart again has multiple supports in action here. A bounce to 0.90 level is in the cards at this point.
Should we call the area inside the green lines aquilibrium?
We saw buyers below and sellers above, so will be watching the action,
once price gets near one of these "value lines"
Running out of steam to the downside. has been following the 2003 A6/N6 spread very well, weekly RSI oversold turning back up. A lower low would be tremendously bullish
I don 't trade Forex, but a friend of mine showed me this chart here of the Aussie dollar futures vs Japanese Yen Futures. The correlation is pretty good . My question for the Forex traders here, do you expect the Aussie to follow the Yen ? By just looking at the chart, I'm tempted to go short. ( Aussie in Blue )
Algo
Aussie reached support. Today price action is showing that the bulls are in control. Trend line and gann fan line are giving support. I would do a day trade and close at the 20MA. Reward/Risk is not the best but it is a high probability trade!
Aussie reached support. Today price action is showing that the bulls are in control. Trend line and gann fan line are giveing support. I would do a day trade and close at the 20MA. Reward/Risk is not the best but it is a high probability trade!
