DATE 30/04/2014
CANDLESTICK CHART
Head and Shoulders chart pattern with breakout on 27/07. Price retested the breakout and held for the next 5 days.
Rising momentum since the left shoulder of the H&S pattern
Price retested the support yesterday and held.
RENKO CHART
Price retraced .764% and starting to head up again.
EMA crossover signals increased AUD strength
CONCLUSION
Wait for the RENKO chart to display another green block before buying.
PRICE TARGETS
S/L
Alternative 1: Support at 0.81250 (Obvious S/L area)
Alternative 2: 1.5 to 2 X ATR
Alternative 3: .618% retracement
T/P High at ~0.8300
CANDLESTICK CHART
Head and Shoulders chart pattern with breakout on 27/07. Price retested the breakout and held for the next 5 days.
Rising momentum since the left shoulder of the H&S pattern
Price retested the support yesterday and held.
RENKO CHART
Price retraced .764% and starting to head up again.
EMA crossover signals increased AUD strength
CONCLUSION
Wait for the RENKO chart to display another green block before buying.
PRICE TARGETS
S/L
Alternative 1: Support at 0.81250 (Obvious S/L area)
Alternative 2: 1.5 to 2 X ATR
Alternative 3: .618% retracement
T/P High at ~0.8300