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AUD/CAD Retesting Big Resistance

Daytrader21 Posted 15 Gen as Analysis on AUD/CAD, Target: 0.9482, Date: 2 di Marzo, 12:00 GMT  in #Technical analysis #Support #Resistance #AUD/CAD #Pivot Point #Range #Trading Boxes #Down Channel
AUD/CAD has been moving over the paste few years in a big range boxes and that's usually the case with a lot of pair crosses as this is their normal behavior. In Figure 1 we can tell that over the year this range boxes have narrowed and the market it's moving clearly between support and resistance.
Right now the market is at an very important inflection point which is the 0.9800 level, which is a pivot point. this level has provided in the past good opportunities and it has acted both as support…
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Daytrader21 24 Gen

Update 1. Last week upside spike was a "throw over" pattern which based on Elliott Wave it signaling a reversal in price. Based on our charts the spike towards big round number 1.000 was a throw over, a false breakout above down channel. It's a also a "V" shape top and if we take in consideration we're in a downtrend we should expect the trend to resume

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Daytrader21 14 Feb

Update 2: As per my previous update price has confirmed that we had a false breakout as we're now back within the channel range. Also it appears that based on Elliott Wave we're forming a flat formation in which case we should expect to see a retest of previous low at 0.9400 whihc is also around my forecast level.

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AUD/NZD Multi Decade Support Level (part 4)

Daytrader21 Posted 12 Ott as Analysis on AUD/NZD, Target: 1.1347, Date: 1 di Dicembre, 12:00 GMT  in #Technical analysis #AUD/NZD #Elliott Wave #Multi Decade Support #Psychological Level #Trading Boxes
AUD/NZD is approaching a multi decade support level at 1.0400 which I think will provide some good trading opportunities. In Figure 1 you can see the weekly chart and the strong sell of from the past few months. Since April 2013 after we broke the psychological level of 1.2100 big round number the downward momentum accelerate and we barely see any kind of retracement. But since we hit the 1.0500 level market has started to bottom and move inside some trading boxes, on top of each other.
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Daytrader21 19 Ott

Update 1: As expected wave D has completed and current swing low at 1.1000 should provide a strong support and the base for the next rally. For next week the resistance stands at 1.1100 which is where we opened last week

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Daytrader21 15 Nov

Update 2: Since my last update not only that wave D has been completed but the entire sequence ABCDE has been completed which based on Elliott Wave we should now push higher and break above current congestion zone. Current resistance zone remains 1.1300 and we need a break and close above this level in order for the bullish sentiment to be in charge again

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