In light of recent DXY strength off a major trend line, An AUDUSD play is an important setup as the DXY approaches 100.
- Deceleration on the Stochastic RSI over the past 3 months
- Stoch RSI indicating oversold (Converging)
- Retesting a 4 year downward sloping trend line.
-Forming the Right shoulder ...
- Support at the 0.38 Fibonacci Retrancement level
- On the final shoulder of the three month inverse head and shoulders pattern
Stop Lost: 0.9650
Entry : 0.97300
Limit : 1.0300
Risk to reward : ~6.8
Post Brexit GBP has been extremely choppy, Recommend entering with a conservative amount due to the high risk exposure.
Long Term Target : 1.0500
Stop loss : 1.4200
- Potential 'Last kiss Strategy' Setup
- Retest of the 0.38 Fibonacci retracement
- Retracing to the nearest resistance line at 1.38700
If price continues to decelerate while approaching resistance at 1.4400
Assuming we get decent Technical's I will be entering a short position with a target of 1.1300
~120 pip profit
~30 pip stop loss
EURUSD has formed a 6 month rising wedge pattern.
This pair has also recently formed the right shoulder to the 15 month head & shoulder pattern.
Superb deceleration on the daily Stochastic RSI
A small deceleration on the daily MACD.
Lastly, looking at the 2 year long term trend we see that this pair is ...
The AUDNZD is approaching a long term technical setup. As seen on the weekly, a two head and shoulder pattern have begun to take place at around the 1.2700 resistance level
*** This trade is only being considered as a purely Technical setup ***
Entry : 1.12000
Target : 1.0000