The one hour chart below shows the Ozzie bounced decisively off a low of .8569 Friday. My short was profit stopped out Friday with a tiny 15 pips profit. Now I’m out completely. We’re just going to have to see whether it starts to stumble again as it approaches its highs.
The hourly chart has some interesting things on it. The bullish candle that followed its bounce off the low would have pointed to taking a long position had I been paying attention. I wasn’t so I didn’t. The second bullish candle is also promising. What still concerns me about the pair is the RSI.
So what will I do? If it falls back to the up trend line (drawn in blue) I may try a small long position. If it reaches last week’s highs and stumbles I may try a short. It may be stumbling now so I’m dropping down to a 15-minute chart to watch it. But there’s nothing definitive to indicate a short just yet.
AUDNZDSpeaking of AUD, the daily chart for the AUDNZD shows that it’s nearing the bottom of a downward channel as well as touching an upward trend line. I may buy. It’s easy to risk since I can set a tight stop. Here’s the chart:
None of the above are trade recommendations. Remember that trading involves substantial risk.© Dianne Fecteau, 2009. No part of this material may be reproduced in any form, or referred to in any other publication, without the express written permission of the author.
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