AUD:NZD has probably been my one of my favourite FX pairs over the last 12 Months, mainly because every set-up I've entered has played out beautifully and in doing so it inspired confidence in each subsequent position.
On this latest trade I may be pushing things a little too far. The set-up is far from perfect but due to the fact I've spent so much of the last year trading each AUD:NZD twist and turn, my confidence level may have exceeded
After watching a recent "step ladder" effect play out on CAD:JPY, I've noticed a similar set up in EUR:NZD that may end with the same fate.
Here's the old CAD:JPY chart showing how the step ladder effect played out:
With the U.S Markets closed today for MLK day volumes have been low and there really isn't anything substantial going on in any of the Indices or Forex Markets I watch.
All existing set-ups detailed here over the last fortnight are either still in play or their respective moves are in progress. In fact, I wish I took some more of those trades because some have performed
Euro aside, not a great deal has changed following the last couple of Weeks worth of analysis detailing trading set-ups that still remain pretty solid, most of which are still valid or have moves still in their infancy. To avoid going over that ground again, here I'll cover a few possibilities from the watchlist where we can watch out for
As any regular readers will already know, I had a wonderful swing long on this pair throughout the summer of 2011 and have since been waiting for it to show it's hand as to the next direction.
This Week there have been some developments and it's getting closer to giving us some clues as to whether it will finally reverse at the current resistance or at the very least offer a credible trade-able correction.
Ok, so I promised an update of charts I was watching with a view to trading this Week, but unfortunately due to a sickness bug I was unable to do so, and that also unfortunately meant missing out on taking a couple of nice trades.
Here is a potential trade that looks directly at the opposite view to that given in the previous post which had a bearish CHF theme. So, one of the 2 trading ideas will almost certainly fail, yet both have good technicals supporting the respective future directions.