Looking at another great setup this time in Aussie Dollar versus New Zealand dollar which spiked overnight as the Aussie central bank cut rates but then indicated that was them finished cutting rates causing a short squeeze in this pair up towards the 100 day moving average around 1.05 where it has lost steam in moving higher.
AUDNZD has been declining for couple of days and is ready for an intra-day pullback before the major trend continues. Analysis is based on my currency pair analysis. I expect the pair to fall to 1.04438 where I will enter the trade with initial profit target at 1.04794; 2nd target is at 1.04948. Stop loss is few pips below 1.04369.
Any questions? Please let me know.
We are approaching the key fib level + previous zone of reversal
Head and Shoulders also forming
MACD convergence as well
Should be a very nice buy opportunity!!
1. This profile is for educational purposes ONLY!
2. The setups given are my own perspective of the forex market and by no means require action!
3. Trading involves risk, past profits...
Price is currently showing bearish momentum with the potential to make new lows after price has retarced to the price level at the grey line i have marked which is our entry point
Stop loss - Red price level
Take profit - Green price level
From a daily view, this pair appears bullish. We can see price respect support and move bullish on the 4hr , at the moment price is what i would see as a pullback and there is potential for price to go long again at the marked grey line.
entry - grey line
stop loss - red line
take profit - green line
risk exposure - 1%
risk to reward 1:2
I will be doing a...
AUDNZD retracing into key horizontal and fib support levels, with what looks like a dead cat @ 0.382 and Feb high.
50 and 100 EMAs on the daily could also act as support in between the 0.383 and 0.5.
Previous horizontal supports matching with the 0.5 and 0.618 fibs.
Obviously the 0.382 ,Feb high could still hold and waiting for the 0.5, 0.618 level could leave us...