Wednesday, 27 July 2011

AUDNZD brakes above 1.26

AUDNZD broke above 1.26 area that is probably to be tested today/tomorrow before going higher. Next support is 1.25 which, if broken, gives up a space for testing 1.225 and finally 1.20. As long as uptrend channel doesn’t get broken (and closed bellow – see weekly chart) I am bullish on this par. Potential long entries are 1.26 and 1.255 on a pullback.


There are two CADJPY long entries triggered last night, 82.6 and 82.4 with one at 82.2 still waiting. Stops are just above 82...

AUDUSD is entering an interesting phase. I have drawn 2 channel supports in a graph below, one with orange support line and the other (current) with green resistance line.


I won’t go into details about time frames when they were/are applicable since that is quite obvious from a graph. What I found interesting is that orange and green line are intersecting at almost exact point (1) where price were braking in its direction (small correction on a daily chart before pushing higher from 1.06 through resistance line @ 1.078). 1.078-1.08 is serving as a very strong support line now…
Current brake above 1.10, if sustained should make either orange line as new support or will pull back a bit to stay within green one (resistance). Yellow area is what I consider a “twilight zone” where some scalping may be placed but no major directional decision should be made while price remain in this area.

XAUUSD - place where fibo aligns with critical price points (2011).
Look like 1.64 is a place for short (also 5th wave point for those in love with Elliot).
Of course, everything drops down in a sewer if WH gang doesn't reach agreement by Aug.02!
Update @ 22:12 AUDCAD:-25(x2), CADJPY:-50(x2), XAG:-22, XAU:+20; Total: -152pips
Quite bad day! :(

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