Thread: Aud/Usd
Stretching AUDUSD still struggling through 1.0375 trend line, if through the following tests, 1.0393; then FEN 61.8% (1.0401). Target following FEN 100% (1.0463). Optimal bullish projection graph 1 hour to FEN 161.8% (1.0562). Correction phase will see initial support 1.0330; then 1.0310/03. Support is crucial, 1.0234
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The trading range for today is expected among the key support at 1.0165 and resistance at 1.0465.
The short term trend is to the downside targeting 0.9400 with steady daily closing below 1.0710.
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AUDUSD look like rise to test 1.0410 resistance will likely be seen, a break above this level will confirm that the uptrend from 1.0149 has returned, then the next target would be at 1.0500 area.
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The AUD/USD pair rallied during the session on Thursday, but gave back almost all of the gains as it formed a shooting star. The 1.04 level continues to be far too resistive for the buyers to get above, and as such we think we are heading back down towards the 1.0250 level. With this in mind, we are more than willing to short this pair if we get below the lows for the Tuesday session
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The short term trend of the pair is to the downside. Intraday trading range of the pair is expected among key support at 1.0165 and key resistance at 1.0465. Based upon my chart analysis, I prefer to stay aside from the pair until we get a confirm setup for the upcoming big move.
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The situation is a little strange, I think this northern movement - this is just a correction and probably renewed wave will occur in the southern region of the alligator moving averages which came now the pair, consider buying a dangerous climb, I do tselyus only in the south.
Elliott: flat correction down 1.0298
A corrective rise should ideally test 1.0385 or even higher than 1.0423. Supports are at 1.0311. Stop loss below 1.0294 zone.
Technical points
Key point 1.0329
Entry point 1.0363
Elliott 1.0397
Closing 1.0347
Projection 1.0298
Trendline 1.0324
Trendline 1.0408
Supports / Resistances
Res 2 1.0423
Ex-High 1.0397
Res 1 1.0385
Pivot 1.0359
Sup 1 1.0320
Ex-Low 1.0332
Sup 2 1.0294
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RBNZ wishes to lower NZD BNZ
Graeme Wheeler was appointed Governor of the RBNZ a month ago and the possible currency implications have been the subject of much investor discussion ever since. Predictably, questions about policy continuity have surfaced - especially given the ongoing national debate about the inconvenient strength of the New Zealand dollar.
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Pair is still forming the southern waves sliding door stop (fighting off the resistance of 0395), while the northern started small correction but of no renewal of the northern company can not speak, I only target the southern end of the correction and wait for the resumption of the fall will sell.
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The bias is bullish in nearest term testing
1.0380 – 1.0400 area, another consistent
break above that area should trigger further
bullish pressure aiming 1.0445 key resistance
area. On the downside, immediate support is
seen around 1.0335 area, a clear break below
that area could bring the price to neutral zone
in nearest term testing 1.0290 support area.
Resistance Level : 1.0380, 1.0445, 1.0550
Support Level : 1.0335, 1.0290, 1.0150
Trading Range : 1.0445 – 1.0290
Trend : Bullish
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