AUDNZD - mid-May

Back some 6 weeks ago, I posted the article on this blog about importance of 75 months support line in AUDNZD (see here). That line hold once again when price bounced back from 11.April 1.255...

Moving down to 1hr time-frame - it's obvious that price has moved upwards in the ascending channel since that bounce happened (dashed yellow line).

I am personally looking for a long entry at about 1.267 which may be present a good risk-reward opportunity, depending how price action may unfold @ Monday. If (daily) close bellow ascending support line, we may have a scenario of retesting the that 75 months line at around 1.258 by the end of this month. The other line of interest is a descending line from mid-March.2011. If that line is broken within next 2 weeks (daily close above), I will be rather comfortable with ascending price continuation for this pair for another few weeks/months...will see....
Note: Comments expressed in this blog are exclusively my personal views for a planning of my future trades and are not representing any recommendations for anyone's trades but mine. Please use your own judgement in establishing your trading plans.