TheForexGuy
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The AUDUSD could give us a bounce to the upside from the 0.9242 level before it reaches the 0.9200 level from where there is a higher probability of a change in direction to the upside.
I've got a bearish bias on the AUDUSD at the moment. Price is now trading on the bearish side of the mean and closing under a level which needed to act as support if the upside momentum was to hold. So for now I am watch for sort opportunities.
Just a follow up on the GBPNZD situation...
This bad boy has just broken out of consolidation , and breached a resistance containment line as price exploded into new highs. We've got a bullish bias on this chart now and are now targeting bullish price action signal that do develop to get in long with the fresh upward momentum.
The best play here is to wait for the market to weaken and re-test the old resistance level and let bullish price action confirm it as new support . This will create a new swing level, and it's here we should jump on any bullish signal that develops.
As anticipated the GBPNZD market did retrace back into the hot spot we were watching and did prompt a strong bullish reaction from the market. The bullish move created a very strong bullish rejection candle. The close price was much higher than the open price, a nice feature for any bullish signal. Waiting for a retracement entry which probably won't get triggered until next week.
The Forex Guy