AUDNZD is at a key support area after an over extended drop from the top. We could potential see some bullish momentum coming in the market for a pullback/correction, or possible a trend change to the upside.
On the intraday charts, we are seeing some good bullish momentum, breaking to the upside. Now we will have to wait for a higher low or bullish flag to develop before considering enter a long position.
I will be updating the charts for any potential trade opportunities long.
Thank you for your support and feedback.
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Potential entry here. AS I am in the EURAUD trade alrdy, I will be on the side line for this pair.
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Potential 4 hr entry here:
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UnknownUnicorn165549
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hi,If you go long AUDNZD, you then have bullish AUD*2, bearish EUR and bearish NZD. No netting off effect. Could you explain more why you decide to let go this trade?
jojofang0901
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@Sam_Hon, Good question, simply I am reducing my risk of trading by only taking one AUD pair. IF AUD fails to gain strength, then I could potentially have 2 trades lost instead of 1. EURAUD just looks a bit better than AUDNZD on the daily chart. Hope this help.