AUD/USD: The bearish trend started in the beginning of the week has been corrected by exactly 50% during the 28-10-2010 session.
NZD/USD: During this trading week, the pair didn’t stop to navigate between the resistance 0.7564 and the support 0.7428.
AUD/USD
Daily graph: http://www.real-forex.com/charts-daily/291010/AUD_DAILY_291010.JPG
The bearish trend started in the beginning of the week has been corrected by exactly 50% during the 28-10-2010 session. Such a correction let us anticipate the renewal of the original trend. The future downtrend, once identified, should create an opportunity to go “Short”.
Suggestion: Looking for a decreasing configuration on one-hour graph in order to detect the new trend ASAP.
Potential trade
Hourly graph: http://www.real-forex.com/charts-daily/291010/AUD_1H_291010.JPG
The required configuration should appear once the support (1H-graph support) of 0.9762 will be crossed downward. When crossed, we suggest ordering those commands:
· “Limit” order on “Short” position 10 pips below the 1H support mentioned above, meaning: 0.9752.
· “Stop Loss” order on the last high appeared: 0.9814.
· “Take Profit” on the following support, which is: 0.9722
NZD/USD
Daily graph: http://www.real-forex.com/charts-daily/291010/NZD_DAILY_291010.JPG
During this trading week, the pair didn’t stop to navigate between the resistance 0.7564 and the support 0.7428. Actually, the pair is very close to the resistance mentioned. The way it will behave once the level will be reached will determine the trend as well as the position to adopt toward the movement:
– A vain breach of the resistance (test) may indicate a reversal, suggesting a position “Short” until the closest support (0.7428).
– The resistance is crossed and broken, suggesting a longer uptrend. To go “long” would be very profitable.
Have a nice week-end!
Real-Forex team. 