Audnzdbuy
AUDNZD- Buy strategyThe AUDNZD is a nice pair to trade.
The weekly chart shows a possible "W" pattern, and also we seems to start crossing 10-MA through 30-MA upwards, which would mean a medium-term upward trend start. The stochastic is kind-of topping a bit, and the MACD is positive.
Strategy is BUY into weakness 1.0550-1.0575 for a move towards 1.0900. The stop-loss to be placed below 1.0400 for now.
audnzdWhy are we entering?
- We are within a descending channel and a descending wedge indicating bullish reversal
- 2 areas. Recent bottom or bigger double bottom
- Expecting NZD Weakness
What are we waiting for to happen?
- Bounce off the recent structure bottom
- Break of WFB for confirmation
- If recent bottom breaks, look for double bottom
What is our confirmation?
- Bounce off one of the levels mentioned
- break of WFB trendline
Entry
SAFE Entry: Bounce of structure and then WFB
Risk Entry: Structure rejection
Once entered, where will our Stoploss be?
- Below the area where price bounces off
Where do we take profits?
- First TP: 1.053
- Second TP: 1.06
AUDNZD LONGLooking at this graph it can be supposed a long position on AUDNZD.
First of all, looking at Fibonacci retracement the line is about to reach the 0.5 level, usually a significant turning point. This turning point is also confirmed by a support line at the same level. In addition, looking at Bollinger Bands the graph is about to lay on the base line.
Entry price: 1.04503 (0.5 Fibonacci retracement level)
Stop loss: 1.0400 (corresponding both to a support line, and to a level lower than the "lower line" of Bollinger bands)
Take profit: 1.06129
No Financial advice.