AUDNZD continuation of the downtrend!
Updated
AUDNZD has been in a strong downtrend during the second part of November.
We just had a breakout of another important support, with the price having another strong acceleration going down. The price is currently re-testing the previous level of support and sellers already showed that they consider this level as another opportunity to open their short positions. A bearish engulfing pattern appearing right on that level, is a good confirmation of that.
Since we are having a small bullish action, I take advantage of the current price to structure my trade and get a very convenient risk to reward ratio. Stop loss, not only above the resistance, but also above the green moving average, that seemed to work very well for the recent market action.
We just had a breakout of another important support, with the price having another strong acceleration going down. The price is currently re-testing the previous level of support and sellers already showed that they consider this level as another opportunity to open their short positions. A bearish engulfing pattern appearing right on that level, is a good confirmation of that.
Since we are having a small bullish action, I take advantage of the current price to structure my trade and get a very convenient risk to reward ratio. Stop loss, not only above the resistance, but also above the green moving average, that seemed to work very well for the recent market action.
Trade closed manually
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