LONG AUD/NZD
Updated
theforexportal is LONG this morning from 1.04444.
The blue support line on the daily time frame appears to be holding again and price is climbing up the rising trendline shown.
This trade has huge potential as this pair remain in the lower fib area under the 23.6 level so the scope for a move north is massive.
I have a STOP under S61 support at 1.0400.
Lots of headwinds ahead but should this trade make progress and attack the 200 sma on the DTF (1.06 area) we will have a squeeze situation and should the BULLS defeat the 200 then we are off to the stars.
The blue support line on the daily time frame appears to be holding again and price is climbing up the rising trendline shown.
This trade has huge potential as this pair remain in the lower fib area under the 23.6 level so the scope for a move north is massive.
I have a STOP under S61 support at 1.0400.
Lots of headwinds ahead but should this trade make progress and attack the 200 sma on the DTF (1.06 area) we will have a squeeze situation and should the BULLS defeat the 200 then we are off to the stars.
Trade active
Moving the STOP on this trade to 1.0431.This STOP is now just under todays open.
Risk on this trade -13 pips.
Note
Looking to get the STOP under the 15m 200sma and S38 pivot at 1.0453 to lock in +7Trade active
STOP moved to 1.0449 under the 15m 200sma and S38 Pivot.This trade is at +5
Looking 1.0509 H1 200sma before I change the STOP.
If we get there then I'll re-assess the overall setup.
Trade active
Last night the price of AUD/NZD came within a whisker of my STOP but managed to survive. The AUD Retail Sales numbers did indeed come out better than expected as hope but worrying did not have much of a galvanizing effect on the price, rising a meagre 20 pips or so.This suggests to me that the BEARS are still firmly in control of price and any we should look to close and reverse higher up.
Next target for this trade is the 200sma at 1.0510 area and mid pivot at 1.0524.
If we get there, depending on price action I shall look to do just that.
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