AUDNZD - Bearish breakout from descending triangle
After testing the lower bound of this descending triangle, AUDNZD appears to have made a jump lower. A pending sell order is set at 1.038 to catch this bearish breakout. This price point was selected in consideration for the 1.04 psychological support level. However, this is still a bit of a risky entry as the lower indicators are showing oversold values.
Recent support was shown in the 1.025 area. A conservative play would be to take profit at this level but price action will dictate how I handle this position once that level is approached.
Recent support was shown in the 1.025 area. A conservative play would be to take profit at this level but price action will dictate how I handle this position once that level is approached.
Trade active:
Order filled at 1.038
Comment:
Price hasn't made a lot of progress but I'm still waiting it out.
Comment:
A lackluster performance thus far. . . I'm looking for a move soon or this position will be closed since I feel risk is increasing.
Comment:
Bears are still trying. So, I'll let this one have a bit more time.
Comment:
Price made it back below the triangle but has yet to make a substantial move in either direction. Still waiting . . .
Comment:
Looks like patience may pay off here. Price has made it back in to the green and with quite a bit of strength. Unfortunately, price is still hanging around this resistance level. Hopefully, a new low will be made in the coming days.
Comment:
SL adjustment: 1.0520
Price is not moving much but is slowing making its way lower. This is an attempt to reduce the loss if price runs back higher.
Price is not moving much but is slowing making its way lower. This is an attempt to reduce the loss if price runs back higher.
Trade closed: stop reached
Price retested the bottom of the triangle and found resistance before moving closer to the open price. This suggests that the breakout was not false and price will continue lower in the coming days.