I am back writing about this currency pair and I think it is worth a look. There are a handful of bullish signals (just pull up the chart and you may recognize them right away). It all depends on your time horizon, but if you are trading the D1 or W1 timeframes this may fit your portfolio. I am taking a position here for 2014 so rather long-term for a trader, but I think I will get about 1,200 pips out of it which makes it worthwhile for me.
Good call! Are you staying in?
I have my SL set and will ride this higher if possible. Worst case scenario is that my SL will get triggered and I earn 250 pips.
Can you inbox me on your next trade like this please mate?
I usually post one per week here. I’ll inbox you the feed.
As it is obvious in the picture below, price in AUD/NZD currency pair from the end of 2011till now was in a Downtrend that Sellers have the price close to the supportive levels’ range of 1995 and 2005.Price has formed a bottom price with reaching to the specified supportive levels in the picture below and it has stopped from more descend and has started a little ascend with shows exit of some Sellers from their trades. Currently price in monthly ,Weekly and daily time frames is under 5-day moving average that shows descending of price during the net candles.
In Monthly time frame with formation of hammer candlestick pattern, there is a warning for formation of a bottom price (need to be recorded) and vulnerability of downtrend.As it is obvious in the picture below, there is a Gartley pattern between the bottom price of 1.04912 and the top price of 1.09446 that there is a potential for changing price direction from D point of this pattern.As it is obvious in the picture below, Stoch indicator is(Daily and h4) in saturation sell area and warns about ascending of the price during the next candles.Generally according to the technical signs in the price chart until the mentioned supportive levels are preserved, the price has the potential to increase and ascend.
On the H4 TF we are observing a bullish wedge pattern. We are expecting to have the lower side of the triangle broken as the supply pressure persists within the market.
