Wednesday, April 22, 2009

AUDJPY: Decision Point

I'm looking at the 3HR chart at the moment. We seem to be looking at an impending strike on a recent support line.

If this resistance holds we might have a technical setup that would allow for a nice gain.

Take a look:

See how there was something of a W shape starting in the middle of the 19th? See how the chart is currently on the second touch down of a second W? If we bounce off the support line and "fire" the technical pattern, we could be in for another move towards the upper end of 72.

... continuing ...

However, be warned, the 1HR looks like a head and shoulders pattern riding along the support line:

... continuing ...

The 15 minute chart looks promising:

The question, as ever, is whether or not this will be backed up by future results.

... continuing ...

Also on the 15 minute chart:

Sure. Now what? It's always the nature of the game, risk vs opportunity.

No comments: