Friday March 19, 2010 - 20:06:08 GMT
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FXTimes: Daily Technical Update AUD/NZD Eyes 1.32
AUD/NZD Eyes 1.32
- Daily and 4H: The previous post noted that the
AUD/NZD decline was a 2nd leg of a correction and was nearing a full
projection at 1.2860. (Refer to Daily Technical Update 3.17.2010 AUD/NZD). This was to test a 200MA in 4H time-frame, and is the 78.6% Retracement of the latest upswing.
- The market eventually reached 1.2850 and is so far supported.
Sideways action then broke a declining trendline and the market is
testing the 1.2950 powerline.
- A break above this would suggests that the current correction is
indeed complete, a and rally with swing projections of various degrees
pointint to 1.32.
- If the market does go above 1.2950, it may be prudent to look at
the 1H time-frame to stalk a break above 1.2950 for a throwback to
confirm, before finalizing an outlook towards 1.32.
Commodity Trading Advisor
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or reliance on the trading set-ups or any accompanying chart analyses.
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All screenshots are made from VT Trader 2.0 and are of actual market data at the time of the screenshot.
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