AUDNZD retesting the previous resistance zone for the third time @ 1.0850.
Interestingly, it also come into the confluence of the downtrend trend line which also act as resistance.
Not the perfect setup but this trade is looking at al upside limited downside potential with a higher RR ratio.
A sell limit position recommended at 1.0850.
Three ways of exiting the trade
1. Previous Low (1.0725)
2. When price approaching lower trend line
3. Trail your stop
A fail trading position would result in a potential buying signal - as the "lower highs" was invalidated - indicating a brand new up trend is taking charge
Interestingly, it also come into the confluence of the downtrend trend line which also act as resistance.
Not the perfect setup but this trade is looking at al upside limited downside potential with a higher RR ratio.
A sell limit position recommended at 1.0850.
Three ways of exiting the trade
1. Previous Low (1.0725)
2. When price approaching lower trend line
3. Trail your stop
A fail trading position would result in a potential buying signal - as the "lower highs" was invalidated - indicating a brand new up trend is taking charge