Sunday, 16 September 2012

AUDNZD Mid-Sep

Resistance lines are crossing 1.255-265 where another pullback upwards may be expected.
100SMA on 1hr chart is acting as a temporary resistance...


NZDCAD - Mid-Sep.2012

NZDCAD may be a good candidate for a early Asia session entering short @ 0.806 with a stop @ 0.811and potential target @ 0.8 and 0.796 respectfully.
The reasoning behind this trade are the following:
@ Daily chart, 200SMA looks defended at last two daily attempts providing a reasonable resistance point for at least a temporary pullback down.Also this pair have never conquered more than 190 pips in a 4-day running strike in 2 years (160 pips in recent run last week) that is another indicator that gives me a confidence in this trade, at least on a short term basis.
Hourly chart shows rather a exhaustion on the latest run upwards from a beginning of September (see RSI at chart) that is another indicator that tells me 0.805 may posses a pretty decent resistance level:
Watch for a rebound close to 200SMA @ 1hr chart!


USDMXN - Mid-September

USDMXN - As previous USDMXN long setup has failed, the next potential long entry is at 12.55 (0.618 fib retracement from 2012 high and 2011 low):
While this trade may present a short-term opportunity, a long term bias is bearish due to a recent QE3 Fed announcement!
I will be watching 1 hour chart at the end of Monday.16.Sep and Tuesday.17th to enter a trade expecting a short term correction to test 13-13.5 level that will present a first resistance point.