Not to be taken seriously -- experimenting here
First 1.618% fib target hit Sep 2013
0.5 pullback meant not enough for another 1.618% target (0.83208)
0.618 pullback - more downtrend but trend is becoming compressed
trendline from 1.06 supports FALLING WEDGE theory
it has broken through too quickly however - it should have gone 0.86 then broken...
EDIT: sorry - meant to say AUDNZD, not NZDUSD...
At first it looks like a triple top
But simply could be a double bottom
with a triangle idea
Caution here ..
Risky play would be short inside the tri with a trailing stop
then prep for an upswing closer to 1.07-1.0722
Not convinced we are going to see more downside just yet
Lower high could be a MINOR lower high suggesting that we've got a corrective dip here
Which puts us further into a Rising Wedge pattern
Am looking for some upside to 1.395-1.40 & indicators to show overbought on both short/long term
Then I'm looking to short this all the way down to 1.347
Slowdown.. testing upper wedge line several times
Also ADX + Stoch confirm slowdown
However, 98.245 has become Support inside Wedge
(confirmed - 3 bars on support @ 50%)
Previous estimate of heading to 95 now highly unlikely
More likely that we are headed to test 104
in lieu of the Weekly chart - if we do breakout but fail to breach 104, then it's going to be a...