AUDNZD Medium Term Outlook and Potential Trade Setup - 26th November, 2014
We may see price fill the gap left from June 2014. However, a double top on the weekly ! - here's my view on how to trade this on a medium to long term trade
Weekly Chart
- Double topped on a weekly at resistance
- Also at the second retest of resistance - from my Ichimoku analysis, its also at the edge of the clouds (confluence of resistance as well), so would need accumulation of more buyers at a better price to break resistance if it was to do so.
Daily Chart
- Trendline is broken and currently heading towards support and also close to filling the Gap from July 2014
- If this support holds and provide a daily and weekly pin bar , this could be a valid trade, but with caution as momentum and technical studies suggest break of support is more likely than hold
- Would be interested to buy at 78.6 fib retrace level around the 1.077
Outlook Trade opportunity
With the double top on the weekly (tripple on daily) I could see price retrace back towards the 1.07 before another attempt back to the upside with the view of breaking 2014 highs
- Plan A - (Medium to Long term trade) Buy at 78.6 FIb (1.077)
- Plan B - *Higher risk* (intra-week trade) if 61.8 holds with confirming Daily Candle / or weekly - could trade also