The uptrend on the four hour AUD/USD has continued to climb higher and is trading with the Rising Wedge as the market cycles remains in a mark up cycle.
The mark up cycle is the key to playing trending patterns such as a Wedge. The trend is confirmed by the 12 to 2 o’clock angle of the 34EMA Wave. The plug in for my GRaB 2.0 plug in for MT4 is available at my blog, RagheeHorner.com - but please only download it if you are already familiar with how to install plug ins on the MT4 platform.
The support of the 34 period EMA high currently at 0.9124 as well as the bottom line (support) of the pattern at offer an excellent area to enter a swing buy on a correction.
The 0.9100 major psychological level is also another level to watch for continuation as this level of support will be a key levels that bulls will have to support if the trend is to continue higher.
Daily Forex Forecast
The 30 minute EUR/USS has been bouncing as the daily chart has bottomed out (for now). Here’s where having a plan for playing bounces within an overall downtrend can allow for nimble, short term trade entries.
I have been playing shorts off my 34EMA Wave as the daily downtrend bounces but with the bounces not following through lower as they once were, my attention has shifted to intraday charts, many of which are in uptrends.
The Channel Up pattern has pulled back to support along the bottom line of the pattern. The 34 period EMA high is at 1.3629 which would be an alternate swing entry buy. There will be support between the bottom line of the pattern and the 34 period EMA high. This will be a swing buy “zone”.
The swing buys will be valid as long as the market cycle is in an uptrend confirmed by a twelve to two o’clock angle Wave.
The AUD/CHF remains in a strong uptrend with a new 20-month high being printed this morning.
Todays video focuses on the Pound and the Aussie. Is the pound up or down from here? Either way could be a huge move. The Aussie looks prime for another leg higher. The Daily on the Aussie has resurrected itself back to an uptrend off what looked like a failed attempt to roll over. What does this mean? Check it out.
