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AUD/NZD Trade Setup Update

Daytrader21 Publicado 25 Mar  en #Trader's blog #Resistance #AUD/NZD #Setup #Double Bottom #Pattern Idea
More than a week ago I've posted a potential trade setup on AUD/NZD, which was retesting a multi-decade support around 1.0500 big round number and forming double bottom on the weekly chart. You can find that blog post here: AUD/NZD Near MultiDecade Support Level. Trade Pattern Idea
As this pattern idea was based on the weekly chart it was obvious that it will take more time until it will develop itself. Next big resistance level stands at 1.0850 but for now we have another minor resistanc…
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AUD/NZD Near MultiDecade Support Level.Trade Pattern Idea

Daytrader21 Publicado 17 Mar  en #Trader's blog #Support #AUD/NZD #Double Bottom #Elliot Wave
I've posted this idea in the Technical Analysis Contest as well, but I thought to share it here as well as I think there is a big potential with this trade.
AUD/NZD is approaching a multi decade support level at 1.0400 which I think will provide some good trading opportunities. In Figure 1 you can see the weekly chart and the strong sell of from the past few months. Since April 2013 after we broke the psychological level of 1.2100 big round number the downward momentum accel…
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AUD/NZD Near Multi Decade Support Level

Daytrader21 Publicado 15 Mar como análisis en AUD/NZD, Objetivo: 1.0820, Fecha: 1 de Mayo, 12:00 GMT  en #Technical analysis #Support #AUD/NZD #Double Bottom #Elliot Wave
AUD/NZD is approaching a multi decade support level at 1.0400 which I think will provide some good trading opportunities. In Figure 1 you can see the weekly chart and the strong sell of from the past few months. Since April 2013 after we broke the psychological level of 1.2100 big round number the downward momentum accelerate and we barely see any kind of retracement.
  • Figure 1. AUDNZD Weekly Chart.
On the Daily chart we can see much more closer the recent price action (see Figure 2). base…
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Daytrader21 5 Abr

Update 1: The market has confirmed the double bottom pattern on the daily chart after the recent rally. Although we already hit our target, I'm expecting the market to take his breath and to see it ranging between 1.0700 support level and 1.0850 resistance level.

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Daytrader21 13 Abr

Update 2: AS expected the 1.0700-1.0850 has capped the market and we pretty much consolidate for the last week. The momentum is pushing higher as we're making higher highs and lower highs suggesting that the bulls are in control. so in this regard we can see market pushing even higher than our target, but I'm expecting a zig-zag move,so there will be plenty of correction along the way. Next big resistance is at 1.0940.

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Daytrader21 21 Abr

Update 3: Due to low volatility environment the market was stuck into a tight range between 1.0900 resistance level and 1.0800 support level. From here on we can broke either way so we can't rule out the market to get away from our target.

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Daytrader21 28 Abr

Update 4: The sell of from 1.0900 was in a 3 wave move so it was corrective and the right thing to expect was for a resumption of the up trend. As I'm speaking  we're only 20 pips away from our target, but we can still expect a retest of the 1.0900 resistance level to form the first wave of higher degree than a move back down to 1.0820 by the end of the week to form the second wave of higher degree.

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Daytrader21 30 Abr

Update 5: Right now we're only 20 pips away from our target which is 0.18% deviation from our target but we can expect to see it move even closer to my 1.0820 target as right now based on Elliot wave we're forming wave 2 of higher degree and we should expect some further consolidation between 1.0800 support zone and 1.0860 resistance zone. We should form an ABC from 1.0755 to 1.0870 we have formed the wave A now we're in the process to develop wave B.

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