sussexforex
Long

#AUDNZD setting up for long?

FX:AUDNZD   Australian Dollar / New Zealand Dollar
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AUDNZD has been relatively bullish and AUD/NZD has been beaten down
Going long here because there are a confluence of 4 factors as follows:
Confluence of:
1) Stalling at 78.6 Fib
2) Oversold on 1hr, 4hr and daily time frames
3) Trend Line support ( trend line from Sep 2016)
4) Also 1.0470 area has held ad horizontal sup

Normally I would like to see a price action confirmation i.e a bullish 1hr or 4hr candle, but risk/reward here is very good.
I am long here at 1.0470/1.0475 with stops below low of the day means risking 20/30 pips.
If wrong AUDNZD could fall as far as 1.0325
PS; I don't consider AUDNZD bullish at this stage but the set up and RW ratio makes this trade worth taking for me
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