AUDNZD GOING BULLISH

15/04/2014

RENKO CHART
Price overcoming high in Feb
A real bullish move can only be confirmed if price exceeds high in 12/2013
Strong bullish divergence can be seen on RSI

CANDLESTICK CHART
Price testing the MEDIAN LINE (ML)
Wait for a retest to be sure in view of declining momentum
Slight bullish divergence on MOMENTUM
DOUBLE BOTTOM

CONCLUSION/ACTION
Bullish outlook
Enter long once ML is supported OR
Enter at one RENKO block above high in 12/2013 for a more cautious move
Support at 1.0730 area, good stop loss zone


PRICE PROJECTION
2 price targets @ .618 and .5 fib retracement

UPDATE 17.04.2014

CANDLESTICK CHART
ML supported, possible Long trade

UPDATE: 23/04/2014
PRICE IS NEARING THE RESISTANCE ZONE AROUND 1.0930
NEWS OF AUSTRALIA CPI AND NEW ZEALAND INTEREST RATES COMING OUT SOON
POSSIBLE COURSE OF ACTION:
1)HEDGE TRADE TO LOCK IN PROFITS
2) REDUCE POSITION
3) USE A TIGHTER STOP, UNLIKELY OF WILD MOVEMENTS BEFORE AUSTRALIA DATA COME OUT