AUDNZD - 60 - Parallel Channel - Short Opportunity
Do not trade based on my ideas. I am a novice and share them for interest's sake only.
After the final kick on Friday (Saturday morning here) AUDNZD retreated to close back within the channel. Volume bar for that last surge was low too (it was the last trading hour of the week mind you). I'll wait to see where it opens in the morning, but I'm thinking price will respect the channel and head back down.
Mind the resistance area (blue rectangle). Assuming it opens near where it closed on Friday, my trade will be:
-Short 1.09840 (ish)
-Target: 1.09400
-At 1.0960 I'll move my stop loss to break even.
-Stop out at 1.10 for a nice 3:1ish risk to reward.
After the final kick on Friday (Saturday morning here) AUDNZD retreated to close back within the channel. Volume bar for that last surge was low too (it was the last trading hour of the week mind you). I'll wait to see where it opens in the morning, but I'm thinking price will respect the channel and head back down.
Mind the resistance area (blue rectangle). Assuming it opens near where it closed on Friday, my trade will be:
-Short 1.09840 (ish)
-Target: 1.09400
-At 1.0960 I'll move my stop loss to break even.
-Stop out at 1.10 for a nice 3:1ish risk to reward.
Comment:
Waiting to see where this hour closes. Below trend line and I will activate the trade. Above trendline I'll give it a miss.
Trade active