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AUD/NZD 1H Chart: Breakout from symmetrical triangleAUD/NZD 1H Chart: Breakout from symmetrical triangle In early hours of this trading session the currency exchange rate made a breakout from symmetrical triangle pattern amid the pressure from 55-, 100- and 200-hour SMAs. In result of this downfall the pair has formed a minor descending channel, which is should guide movement of the pair at least until release of data on the New Zealand Retail Sales. But publication of worse than expected figures is unlikely to change the overall trend, according to which the pair is expected to ultimately reach the lower support line of the dominant rising wedge formation. In case the pair bypasses the above moving averages, the subsequent surge should be neutralized by the upper trend-line of a medium-term descending channel.
by UnknownUnicorn890690
AUD/NZD 1H Chart: Channel UpAUD/NZD 1H Chart: Channel Up The Australian Dollar is gaining value against the New Zealand Dollar in a few days long ascending channel, which started to form in result of an extensive jump of the exchange rate from the monthly R1 at 1.0868. Given the narrow structure of the pattern, it is not expected to guide movement of the pair for long. Most probably, the 55-hour SMA, which moves along the channel’s southern boundary, will help the rate to surge to the weekly R1 at 1.1017. Afterwards, the breakout most likely is going to happen. On the other hand, the pattern might cease to exist even earlier because of some fundamental events, such as publication of information on the Australian Private Capital Expenditure on Thursday.
by UnknownUnicorn890690
Antipodeans reclaim one and a half months highsAntipodeans reclaim one and a half months highs, watch out for more rallies upon break out above 1.0623 – Digital calls to speculate: AUDNZD surpasses recent bullish focal points: Last three and a half weeks’ of bull streaks of Aussie dollar against Kiwi dollar is now testing the intermediary resistance of 1.0623 levels. For now, bulls seem to have halted at this juncture (see daily charts). On weekly basis, it has been recovering its price losses, bulls started pushing hard vigorously from the lows of 1.0237 to the current 1.0619 (almost about 3.73%), in between it has cleared resistances at 1.0493 levels. Both technical and fundamental indicators are signalling buying sentiments. The leading oscillators have reached overbought zones, RSI evidences the positive convergence with the every price bounces that signifies the strength in bullish momentum, (currently, RSI trending above 68 levels). While, no there is no trace of selling indications even if stochastic curve reaches above 80 levels which is overbought zone. %K crossover even above 80s would mean that bulls seem to be in total control over rallies in order to bounce above current levels. Upswings of 2.38% after testing support at 1.0235 & sustenance above 1.0493 likely to make equidistance travel. More importantly, daily prices have spiked well above 7 & 21DMA curves that would mean that the upswings may extend further. Overall, the best time for short and medium term bulls, however, the long-term investors have to wait for better clarity as the sustenance above stiff resistance at 1.0515 and EMAs on both weekly as well as monthly charts should be considered. While substantiating indications from lagging indicators are needed. Well, having said that we wrap up with a concluding note, short-term bulls can speculate this pair whereas long-term investors have to wait for safe play. On speculative grounds, one can think of one touch binary calls rather than spot FX trading as the short term bullish environment is more intensified, so let’s give a leveraging touch so as to maximize the profitability. So, the intraday trade idea would be the buy at dips for minimum targets of 30-40 pips, thereby, returns on such leveraging instruments would be exponential.
Long
by FxWirePro