Audnzdsetup
AUD/NZD IdeaHi guys, I'm quite new to all of this so any feedback or improvements would be very much appreciated!
Here we have the pair AUDNZD and as you can see this pair has support at the 1.03163 area, price seems to be rejecting this area yet again. My thoughts are that this pair will now head north to 1.03634 area where it will create a new LH before continuing on its path down, so wait for the move north to finish and then ride it back down with the MM :)
Cheers guys let me know what you think!
AUDNZD: possible intraday tradeWe would like to show you one intraday trade on #AUDNZD.
1.04577 is a key level: From that price, a big impulse started on the 23rd of December. The same level is point 1 of Fibo Retracements
Sell limit at 1.04577
SL 1.04702
TP 1.4445
Risk: Reward 1:1
As the price reaches TP we usually move SL to the entry point and leave until a Price Action signal suggests to close the trade.
AUDNZD Analysis: Price may reverse upwardsLately this pair has had a very deep drop in price. It has reached the support line of a rising channel to test it for the third time.
The price is very likely to move towards the resistance line of the channel and of the major falling channel.
Lets wait for bullish reversal confirmations to go long for the pair.
AUDNZD downside break quickly runs into a key stumbling blockThe key support level has been a level that buyers have leaned on for possible pullback.
The strong kiwi flows over the past two weeks have been in AUD/NZD as the pair slides back under 1.05 for the first time since August.
watch price action for possible pullback
AUDNZD Analysis: Price at the trendlineThe price has been following both an ascending channel and a falling trendline.
It has previously respected the trendline for four times and has come to test it for the fifth time.
If it bounces off then it will be a good sell opportunity.
Breaking of the trendline will invalidate this idea.
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