AUDNZD

In case you’ve been wondering why I am posting AUDNZD analysis so frequently -

The reason I am banging at the same AUDNZD drum is that is hitting (now) a very important channel support line starting back to 2004!!! Yes, 2004!!! Its upper channel has been hit 3 times (as you can see on a weekly chart)

Back to a current situation - Aussie is expected to reach 1.235 or hit lower vs. NZD while confirming a divergence on a daily chart to enter a long.

Fake push through 50day SMA negated change of a trend as it remains “down”.

Check out a weekly range mentioned in my previous posts at http://tinyurl.com/3os5l55  and even mid-July analysis notes in http://tinyurl.com/5vgaad6 (that are still valid) for a clues on critical prices and weekly up trend support line.

So the bottom line is that I would stay away from long entry given current climate on the market and until "double-bottom" is confirmed on a daily chart that is some 100 pips away from a current price. Will follow up on these thoughts later in a week if/when anything significant happens...