Thursday, October 18, 2012

AUDUSD Above Channel

AUDUSD has crossed above descending channel's upper trendline. Move looks bullish. Now any pullback towards channel should be supported very well. 

One more indicator which shows bullishness is that 200MA is becoming flat (looks like taking turn) and 100MA is rising. AUDUSD Long Trade

My plan is to go long on any dips towards channel and horizontal resistance area.I am expecting the horizontal area to become support-turned-resistance. AUDUSD Triangle Trade
On a bigger picture on daily chart, pair is forming out a triangle. I am expecting this triangle to hold very well since its very wide area.  

My strategy to trade this triangle is to short the pair when it reaches triangle's upper trendline and long on lower trendline.

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