To Get Ross' Free Forex Update Analysis - Click Here: http://mytotalsupport.com/cpv/base.php?c=86&key=fd5d14f7ec45b14d31a944108238114b&ls=youtube&keyword=trading_forex&ad=TYkPDMUrsXo Australian versus the US Dollar [AUDUSD] was an uptrend. Not too hard to see that. Found congestion at the green zone. We’ve spoken about that for weeks now. Falling off of there, under the blue trend line, went down all the way back down to the purple zone, even touching back down to 0.7540. Something interesting to look at is this black box back here. We’ve seen resistance underneath the purple zone before. Support at the yellow zone. So, I think you could stretch that over and say as long as it’s underneath that purple-shaded area, like it was inside the black box, there’s potential for it to go down towards the yellow-shaded area into the low-0.7500s. Now, if it breaks that, gets back above the purple zone, we could be looking for a pullback. A pullback up towards the mid-0.7600s. 0.7640, 0.7655 is the orange-shaded area. So, it needs to stay under there if it’s going to go lower. Back above there, we could be looking for some pullback here for the AUDUSD. Four-hour timeframe won’t change that really. It just gives you a different vantage point. Take a look. We’re under that purple zone. So, again, that tells me, again, just like in the black box on the left-hand side, as long as it’s underneath that purple zone, there’s more likely resistance and you don’t really want to buy it right now under resistance. In fact, if it gets back underneath 0.7585 and underneath the purple-shaded area, it might be an opportunity to take the short once again on the AUDUSD. Let’s take it on over to the NZDUSD. Very similar to the AUDUSD. We had the black trend line. We changed direction. We started going down. We’ve been selling this for weeks now, making profit on the way down. We’re at a difficult place to go short because obviously it’s at the bottom of the trend. Whenever you’re at the bottom of the trend, not the best place to go short, and so right now we’re at the bottom, just above 0.7000. 0.7020. So, I think it’s a difficult place to go short unless it stays under the orange zone. Again, look at this little black box over here. Under the orange zone, the pink zone is your support. Under the orange zone, your pink zone is support. So, for the day today and maybe the rest of this week, as long as it stays underneath 0.7020, there’s the potential that it continues the downward slide back down here to the pink zone, 0.6979. It’s actually 0.6980 down to 0.6960 is the pink-shaded area. And of course if it can break through there, we’re likely challenging the lowest lows here on the chart, back down into the green-shaded area. And of course back above 0.7040, back above the orange-shaded area, where we’re currently challenging, we could be looking for some pullback. I want to do one more thing. Let’s take Fibonacci from the lowest low of the black trend line down here at the bottom of the chart to the current resistance high. And interesting enough, that puts the .786 fib right there at the pink zone. So, definitely another encouragement that it could take a turn down to the pink zone is the .786 sits right in the middle of that pink-shaded area into the 0.6970s for the NZDUSD this week. https://www.youtube.com/watch?v=TYkPDMUrsXo Disclaimer: This video is for general information only and is not intended to provide trading or investment advice or personal recommendations. Any information relating to past performance of an investment does not necessarily guarantee future performance. Forex Traders Daily including its analysts shall not be responsible for any loss that you incur, either directly or indirectly, arising from any investment based on any information in this video. Please remember derivatives and FX spot carries significant risks and may not be suitable for all investors. Losses can exceed your deposits.
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Duration: 13m 38s
Rating: 3