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FOREX TRADE ALERT for AUD/NZD

Forex Trade Alert for - Symbol = AUD/NZD.

Forex Trade Alert for Wednesday Aug 20, 2008.

On Aug-20-2008 a candlestick formation confirmed a buy signal. 4xGENIE Action: ==> Buy this Currency pair at 1.2313. Stop at 1.2145. Wave 5 could rise up to 1.2884 or to 1.2991. NOTE: The width of the Bollinger Bands is expanding which indicates that prices are trending. The CCI is below -100. This currency pair is oversold at this time.

Next Day Trading Ranges for Wednesday Aug 20, 2008.

The 20 day moving average of the daily trading range is 122 pips and the 60 day moving average of the daily trading range is 103 pips. This shows that volatility has increased in the short term. The percentage of updays when the open/low ratio is less than 25% is 76.58 percent. This means that if this currency pair AUD/NZD does not drop more than 31 PIPS from the opening price then there is a 76.58 percent chance that this will be an upday.

Monthly Pivots.

The [R3] or the most extreme high trading range is 1.2384.

The [R2] or the extreme high trading range is 1.2332.

The [R1] or the high trading range is 1.2290.

The [P] or pivot point is 1.2238.

The [S1] or the low trading range is 1.2196.

The [S2] or the extreme low trading range is 1.2144.

The [S3] or the most extreme low trading range is 1.2102.

Next Day Alternate Stops for Wednesday Aug 20, 2008.

The red line to the right on your chart is an extreme support or resistence level for the next trading day.

A good alternative stop is one which is placed just beyond this extreme support/resistance level.

In this particular case if the price drops below 1.2145 then that would show momentum against 4xGenie’s long position and that would be a break out to the downside.

Please Note: These support/resistance levels are calculated by using the previous day’s trading range. Normal volatility may cause a breakout of this value once every 4 or 5 days when prices consolidate.