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HOW TO TRADE THIS CHART?
First like/thumbs up the chart then read below.....
The AUD/NZD is in our sights, waiting for a decent pullback and shorting this pair due to a very weak Aussie dollar and a strong New Zealand dollar
AUD had pretty poor news releases this week already adding to its general weakness
there are three major low support levels shown by the purple lines, we can use these to take profits from
after dropping out of the descending channel we can see it in oversold areas which should bring the price up a bit in next 24-72 hrs in which we will be looking for an entry...
looking for a pullback to around 1.0500-1.0550 for an entry using small lots
Targets 1.035 & 1.0222
S/L at R1 resistance level 1.0625
if we do not get back up to those levels i suggest a buy stop at the S1 level or anywhere in between
this will be a short-mid term trade continuing with the current downtrend
disclaimer: this is for entertainment purposes only and not be considered trade advice
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coming closer to the first entry targets
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....And we are in position :)
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just hit the weekly pivot level, took another short position