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.
The largest archive of trading educational material on the web: http://www.informedtrades.com
The largest archive of trading educational material on the web: http://www.informedtrades.com
