Day trading strategies on AUDNZD 28-06-2016 by AzaForex
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The Australian and New Zealand dollars for several days are almost on the same level. They do not worry about external shocks the Forex market. Last few days the price at a chart is repelled from the smooth support level 1.0400, at which the next new level of support is far away. And even price leaving up from this level do not makes new highs, but on the contrary fewer amplitude rebound. This suggests that investors and traders, as well, are not highly enthusiastic and in no hurry to open long positions for this pair. Our trading strategy is very simple in this currency market, we are waiting until the price falls to the level of support and pass it down. Immediately after that, we will open a short position and wait until the bears take control into their own hands and will lower the price in a downtrend.
If the support level is broken you can use the following recommendation:
• Chart timeframe: H4
• The trade recommendation: Sell
• The level of entry into short position 1.0400
• The level of profit and close the position: 1.0270 (130 pips)
The Australian and New Zealand dollars for several days are almost on the same level. They do not worry about external shocks the Forex market. Last few days the price at a chart is repelled from the smooth support level 1.0400, at which the next new level of support is far away. And even price leaving up from this level do not makes new highs, but on the contrary fewer amplitude rebound. This suggests that investors and traders, as well, are not highly enthusiastic and in no hurry to open long positions for this pair. Our trading strategy is very simple in this currency market, we are waiting until the price falls to the level of support and pass it down. Immediately after that, we will open a short position and wait until the bears take control into their own hands and will lower the price in a downtrend.
If the support level is broken you can use the following recommendation:
• Chart timeframe: H4
• The trade recommendation: Sell
• The level of entry into short position 1.0400
• The level of profit and close the position: 1.0270 (130 pips)