Monday, 20 August 2012

Watching closely ...

Hello traders. Welcome to start of the week. Looking for some breaks this week with a couple of interesting setups.

First look at GBP/AUD. Have a sustained break back above the 1.495 handle. Looking for a setup on a retest of support targeting the .382 Fibo from the May decline.


Next is AUD/USD. Price action came close to retesting the bottom of the channel, but not close enough. Suggests a retest shortly. Still looking for a short setup, but will wait to see the moving averages create a 'death' cross with the horizontal resistance area at 1.0466.

Can also watch for a clean break of the bottom channel with entry on a retest setup.

 

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