Simple Moving Average(SMA) 50-period (red), 200-period (bold, gray)
RSI-14 with Simple Moving Average 5-period of RSI attached.
Elliott Wave Principles
Market and Price Action (patterns, candlesticks)
Intraday pivots and Intermediate-term support and resistance
Multiple Time-frame Analysis
- The AUD/NZD was testing 1.32 and respected it as resistance. That was last week. This week, the market rallied above 1.32 to start and the break is sharp.
- The rally from 1.3050 kept the RSI in the 4H chart above 40, and back above 60, and now 70, a bullish setup.
- The RSI in the daily is also breaking above 60, a sign of bullish continuation.
- The next immediate target is 1.3367, 78.6% retracement. After that the high at 1.35 is the next resistance.
- From the weekly chart, we see that this bullish attempt would be a progression of the swing projection suggested by the positive reversal signal (where the RSI makes a lower low, but price low is higher.)
Will the swing projection seen materialize towards 1.3640? We would love to hear your opinion.
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Fan Yang CMT
Chief Technical Strategist