Hi, i read a lot of the forex posts but havent posted much.
I currently use a phoenix ai data package for charting and they have these indicators called break out slow and break out fast with an early warning system indicator you use a bos with the ews for a trade normally the break out fast one is meant to be used but i find the break out slow indicator better to use.
The idea of the bos and bof indicators are moving support and resistance lines when the price above the pink or blue line it is suggesting to go long if the ews confirms the signal and same for the opposite direction.
Looking at the charts for the aud from monthly down to 1 hour and 15 minute chart they have a few support levels depending on the time frame, the monthly and weekly have supports at 9623 and 9644 the daily has support at 9994 and the 12 hour chart has support at 10108 and 10124.
Resistances on the different time frames seem to all be close together. The daily chart has resistance at 10172, 4 hour at 10178, 1 hour at 10142 and 10173 and 15 minute chart has resistance at 10142 and 10178.
There seems to be alot of resistance around 10142 and then 10170, but support is at 10108-10124 in the short term on the 12 hour chart if that level can hold could go back upto 102. If 10124-10108 fail to hold it could be stopped at 9994 but if that doesnt hold there could be more of a bigger move down to 9644 level since the daily would then be giving a sell signal on both the bof and bos indicators.
Thought the supports and resistance that i can see on my charts might be worth mentioning.
