AUDNZD has hit 1.25 today as forecasted in previous article. My guess is that slide should continue down to 1.24 area by the end of this week where some resistance may be expected. I may attempt to buy some Aussie depending primarily on SSD, RSI and 200MVA (weekly) line – will post my trade on twitter @ sasalex_fx.
Bellow is graph that shows price Kiwi and Aussie run vs. USD (day chart) that shows a significant Kiwi rebound vs. US$. A similar pattern is visible in mid-march when Kiwi went much lower than AUD and AUDNZD reached its most recent peak.
NZDUSD day chart shows kiwi reaching the upper-bound of its channel resistance. While current Asia-session may give opportunity to hit 0.86 level, current channel dating from a beginning of May.11 is convincing of a short term correction down to 0.83 levels. Break of this channel will negate strategy for going short Kiwi at 0.86 level where stops may be placed to anywhere between 1:2-1:6 ratio. This pullback may also act as a good indicator for at least short term correction in AUDNZD.
AUDUSD shows a “traveling path” within 3 channels where the most recent one may form the ending triangle. There are 3 (!) likely short term scenarios:
1) Triangle line gets broken (negating 2/3 triangle breaking “rule”) ending up in a channel support anywhere in 1.08-1.10 area
2) Aussie goes lower testing 1.040
As long as 100 moving average line does not get broken, I may dare to say that uptrend remains intact with quite reasonable expectations of short-term corrections.
Happy trading,
Sasalex_fx
No comments:
Post a Comment