ForecastCity

A second Chance to Buy in AUDNZD

Long
FX:AUDNZD   Australian Dollar / New Zealand Dollar
Midterm forecast:
There is no trend in the market and the price is in a range bound, but we forecast an uptrend wave above 1.0630 would begin in Midterm.
We will close our open trades, if the Midterm level 1.0630 is broken.

Technical analysis:
While the RSI support #1 at 53 is not broken, the probability of price decrease would be too low.
A peak is formed in daily chart at 1.0825 on 09/16/2019, so more losses to support(s) 1.0730, 1.0660 and minimum to Major Support (1.0630) is expected.
Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
Relative strength index (RSI) is 57.

New trading suggestion:
*There is still a possibility of temporary retracement to suggested support line (1.0630). if so, traders can set orders based on Price Action and expect to reach short-term targets.
*If you missed our first HUNT, you have a second chance to buy above the suggested support line (1.0630).

Entry signal:
Signal to enter the market occurs when the price comes to "Buy zone" then forms one of the reversal patterns, whether "Bullish Engulfing", "Hammer" or "Valley" in other words, NO entry signal when the price comes to the zone BUT after any of reversal patterns is formed in the zone. To learn more about "Entry signal" and the special version of our "Price Action" strategy FOLLOW our lessons:
Trade Setup:
We opened 10 BUY trade(s) @ 1.0354 based on 'Hammer' entry method at 2019.08.06.
Total Profit: 4224 pip
Closed trade(s): 1920 pip Profit
Open trade(s): 2304 pip Profit

Closed Profit:
TP1 @ 1.0430 touched at 2019.08.07 with 76 pip Profit.
TP2 @ 1.0490 touched at 2019.08.07 with 136 pip Profit.
TP3 @ 1.0585 touched at 2019.08.21 with 231 pip Profit.
TP4 @ 1.0660 touched at 2019.08.29 with 306 pip Profit.
TP5 @ 1.0760 touched at 2019.09.13 with 406 pip Profit.
76 + 136 + 231 + 306 + 406 = 1155 pip

Open Profit:
Profit for one trade is 1.0738 (current price) - 1.0354 (open price) = 384 pip
5 trade(s) still open, therefore total profit for open trade(s) is 384 x 5 = 1920 pip
All SLs moved to Break-even point.

Take Profits:
TP6= @ 1.0850
TP7= @ 1.0990
TP8= @ 1.1140
TP9= @ 1.1335
TP10= Free

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