Price previously broke through the support and is showing potential to re-test and continue moving bearish to our target at 1.07667. Stop loss is marked at red price level and entry at the grey price level.
Risk to reward 1:2
Equity risked 1% risk no more than 2%
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
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:
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...
here on AUDNZD price has recently created new structure low. Besides, there's no structure looking left until 1,0750. That's why i want to get involved in this trend continuation trade.
As you can see, price is now coming back to retest previous support, which once broken could become resistance, and it's having some troubles getting beyond...
for those of you who day-trade advanced pattern formations there's a Gartley pattern completing at 1,0904s on 15m AUDNZD chart. I'm already involved with this pair (see attachment) so i'm not taking this one, but i wanted to share with you anyway,
Stops above X, targets as usual for pattern (better risk/reward ratio with such a deep Gartley).
If you want...
i want to explain to you why i'm going to short this pair if price pulls back a little bit more. As you may know audnzd -0.12% has been moving upward without interruption: both in the daily and 4hr chart Rsi is in overbought condition, and this tells us that market is overextended and there's maybe some room to retrace and let the trend breath....
this morning i want to share with you this setup i've noticed on this pair.
Price has approached a resistance structure zone on Wednesday, and since then it's failed to create new highs and so it gave me reason to believe this is a good zone to short the market.
In the daily chart we've recently exited an overbought condition and here on the 4hr chart...
another analysis i really enjoyed today. This is one of my favorite style, for youhave to support your view by adding more and more clues (of value) to your side.
Here on AUDNZD we are at a bigger Gartley completion, and we can see a nice AB=CD pattern and a Fibonacci cluster all right there. In addition to that, we also are in an OVERBOUGHT condition...
this time i want to show you a flag pattern that is forming up in 1hr chart on AUDNZD. Here we recently broke and closed below an important structure level (black line), so we expect price to continue lower.
It is very usual to see consolidation patterns after impulse legs like this, and the likelihood is that market continues on the impulse leg's...