Wednesday, September 26, 2012

Aud/Nzd - staying Short

I was so focused on the Range mentioned previously on the Aud/Nzd price action that I failed to see the break & re-test of the Long-term Trend Support on the Daily Chart...

I have since switched my bias & am Short from 1.2631

Aud/Nzd Daily











Technicals
Though I do not have a confidant Elliott Wave Count for this pair, I am taking this Trade based on the following...

- Bearish Aussie Dollar Outlook
- The Break of Long-term Trend Support now turned Resistance
- RSI failing to move above 40
- Price respecting the Confluence of Resistance near the 1.27 as shown in chart


In the meantime, I Will still be looking for a confidant Wave Count for this pair.

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