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Thursday, 26 March 2015

AUD/NZD Weekly









General overview for 26/03/2015:
The impulsive wave progression to the downside is about to be completed as there is one more wave missing to finish five wave decline as per weekly chart. The first projected level is a typical target level at 1.0000 and unless the wave 5 is extended one it is quite possible that the corrective cycle is coming soon. Please notice that the bullish divergence is supporting the view.

Support/Resistance:
1.0000 - Target LEvel for wave 5.
1.0428 - Technical Resistance
1.1310 - Key Long Term Resistance Level

Trading recommendations:
About 70% of traders is long with the average long price at the level of 1.0685 which is a rather good contrarian sell signal for now.
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