AUDNZD GOING BULLISH
15/04/2014
RENKO CHART
Price overcoming high in Feb
A real bullish move can only be confirmed if price exceeds high in 12/2013
Strong bullish divergence can be seen on RSI
CANDLESTICK CHART
Price testing the MEDIAN LINE (ML)
Wait for a retest to be sure in view of declining momentum
Slight bullish divergence on MOMENTUM
DOUBLE BOTTOM
CONCLUSION/ACTION
Bullish outlook
Enter long once ML is supported OR
Enter at one RENKO block above high in 12/2013 for a more cautious move
Support at 1.0730 area, good stop loss zone
PRICE PROJECTION
2 price targets @ .618 and .5 fib retracement
UPDATE 17.04.2014
CANDLESTICK CHART
ML supported, possible Long trade
UPDATE: 23/04/2014
PRICE IS NEARING THE RESISTANCE ZONE AROUND 1.0930
NEWS OF AUSTRALIA CPI AND NEW ZEALAND INTEREST RATES COMING OUT SOON
POSSIBLE COURSE OF ACTION:
1)HEDGE TRADE TO LOCK IN PROFITS
2) REDUCE POSITION
3) USE A TIGHTER STOP, UNLIKELY OF WILD MOVEMENTS BEFORE AUSTRALIA DATA COME OUT
RENKO CHART
Price overcoming high in Feb
A real bullish move can only be confirmed if price exceeds high in 12/2013
Strong bullish divergence can be seen on RSI
CANDLESTICK CHART
Price testing the MEDIAN LINE (ML)
Wait for a retest to be sure in view of declining momentum
Slight bullish divergence on MOMENTUM
DOUBLE BOTTOM
CONCLUSION/ACTION
Bullish outlook
Enter long once ML is supported OR
Enter at one RENKO block above high in 12/2013 for a more cautious move
Support at 1.0730 area, good stop loss zone
PRICE PROJECTION
2 price targets @ .618 and .5 fib retracement
UPDATE 17.04.2014
CANDLESTICK CHART
ML supported, possible Long trade
UPDATE: 23/04/2014
PRICE IS NEARING THE RESISTANCE ZONE AROUND 1.0930
NEWS OF AUSTRALIA CPI AND NEW ZEALAND INTEREST RATES COMING OUT SOON
POSSIBLE COURSE OF ACTION:
1)HEDGE TRADE TO LOCK IN PROFITS
2) REDUCE POSITION
3) USE A TIGHTER STOP, UNLIKELY OF WILD MOVEMENTS BEFORE AUSTRALIA DATA COME OUT
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