imresg
Short

AUDNZD Short Analysis - Daily Timeframe

FX:AUDNZD   Australian Dollar / New Zealand Dollar
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AUDNZD has been in a downtrend over the past several days. The initial short trade was triggered by the bearish pin-bar that was unable to close past the highlighted area of support and resistance . Since then, price has gone forcefully down until yesterday where it formed a Bullish candle with long wicks in both directions. This candle formed in a previous area of support/resistance that last occurred in 01/10/17 to 01/23/17. Price has today broken down past this area of support, signalling for me a continuation of the downtrend.

My Stop Loss is a few pips above the most recent resistance area at 1.05635 and my targets are throughout the next area of support and resistance , with the final extended target at the horizontal key level I have drawn where price last reversed on 01/31/17. Target 1: 1.04500 T2: 1.04050 T3: 1.03500
Trade active: I am moving my stop loss to break even on this trade.
Trade active: Trade developed nicely throughout the day. Still expecting price to hit further profit targets. May lock in some profit as I believe there will be better trades to take during the European and New York session
Trade closed: target reached: All targets except final, extended target reached. Full trade closed as I do not want to hold this trade over the weekend.
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