informedtrades
Long

Has the New Zealand Dollar Topped?

FX:AUDNZD   Australian Dollar / New Zealand Dollar
The New Zealand dollar             has been showing signs of topping in the near-term against a number of pairs. The technical setup I like the most was on GBPNZD             , though I missed that one; I didn't get the pullback I was looking for, so the order never got filled. AUDNZD             , though, is also showing a very nice setup. The October 15 candle with the long wick could constitute a bullish checkmate, and so my stop loss is just below that level. My target profit is at the recent highs near 1.1281. A 61.8%+ Fibonacci retracement has been completed, and the 200 EMA sits between the stop and the entry point. Based on these factors, the visible upwards trend on the daily chart , and the recent candlesticks , I felt comfortable going long at 1.1031, with my stop at 1.0971 and my take profit at 1.1281 -- which gives me a reward/risk setup of over 4.15.

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