Thursday, October 25, 2012

AUDNZD Channel Break AUDNZD Channel Trade
Pair AUDNZD on H4 has broken the rising channel to the downside.

I missed out this setup before and will look for any pullback towards channel as short trade opportunities. Looks like price is bouncing from 100EMA. 

At channel lower boundary comes 200EMA. So on any pullbacks, I am expecting the channel to provide good resistance. I will go short there for a move towards horizontal resistance area.

--------------------------------------------------------------------------------------------------------- AUDNZD Short Trade
UPDATE on 16 GMT: Price is coming up very well as expected. I went short right at 1.2620 on bounce till channel. 


Price bounced up and rebounded from the channel's lower trendline. I am expecting a move towards the resistance area. 

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