AUDNZD: A Short-term Buy Opportunity

-INTRODUCTION-
AUDNZD has been moving in a horizontal channel after reaching a new high at the 1.1110 level. The new high has not been retested. Therefore, we will continue to look for buy opportunities after a pullback.

Check out our previous AUDNZD pullback trading ideas below.

Trade active:

Buy Entry: 1.09922
1st target: 1.1038
2nd target: 1.1062
SL: 1.09670
1:1.5 risk to reward trade
1% risk

Trade closed: stop reached:

Stop reached. The price was moving well according to the plan like the last time but unfortunately, RBNZ interest rate decision today caused a sharp drop. The New Zealand government was hawkish and the rates rose by 50bps as expected. Therefore, after this sharp movement, we expect a future appreciation of NZD and will look for sell entries for the AUDNZD pair.