We are once again revisiting these lower levels for the 6th time in the last 5 years. This is a major reversal zone filled with plenty of demand for Aussie dollars. I am long AUD against NZD.
Looking at the bigger picture, if there is any continuity in the reversal then the risk reward dynamic is extremely asymmetric. If AUD breaks below the trendline then the game changes.
Long term picture:
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I am really interested in adding to this position. Here are my contingencies to add:
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break from 4 hour channel. Any slight dip into 1.0600 and I am adding
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love what I am seeing here for some trend continuation