My analysis is based on a stuck in the box type formation which has taken place on a D1 chart. With many attempts to breakout it has found a very strong resistance, we have had a false downturn take place today with a retest to the top. What i think is going to happen here is it may even retest and break this key level, but with NZD news coming which is...
Confirmation is big part of trading and waiting for it - always look for at least 2 or 3 additional reasons why a trade is a buy or a sell.
We make mistakes and we take losses whats important is that we learn and take it forward.
Our trade on EUR/AUD on the 4H time frame took profit today with all three targets smashed.
TP 1: +27
TP 2: +54
TP 3: +108
Our team are now eyeing up the pair and waiting for confirmation for a short term bearish move. If the confirmation comes then we short, if it doesn't, then we continue to analyse until we see the banks make their move.