PaulWallace
Long

AUDNZD possible long opportunity

FX:AUDNZD   Australian Dollar/New Zealand Dollar
106 3 0
A descending triangle is forming on this pair. Watch for a breakout after the release of RBNZ's rate statement and Australia's employment numbers, due out soon. I would only play a break to the upside as this pair is already very oversold and due for a correction.
Be cautious with that bullish bias. NZD has been stronger recently than AUD.
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PaulWallace ForceFollower
Thanks ForceFollower, I was very cautious and only looking for a short-term trade following the AUD and NZD data. This never panned out, and price also pushed below support, so I quickly abandoned the idea.
However, I still think we could see a reversal occur in this area, it may need more time.
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ForceFollower PaulWallace
Yes, "It may need more time". For the time being, it looks pretty rangebound to me. If anything, I'd be still bearish (I don't think it'll reverse in the coming days), but range trading.
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