AUD / NZD - Pullback around 1.075 & SHORT 150pips+

OANDA:AUDNZD   Australian Dollar / New Zealand Dollar
I've been tracking this fun pair for some time, long-term we're in a bearish channel coming off the 2010 crash, and we're rotating nicely down through the channel, we hit the top of the channel October 2017 and we're now on the bearish leg, having failed a bull push back up through the descending trend line which has now been respected by formation of a lovely pin bar , which is our signal to look for an entry, if you don't know how to enter, read my link below on how and when to enter.

There are many areas of support which will respond, the channel center line is a major one @1.065, so be aware of that. I'm not expecting a gap down on open, but if we do, wait for a pullback to 1.07 to enter, otherwise look for an entry around 50% up the pin towards 1.075 area.

Patience pays, happy hunting!
Comment: The weekly chart shows how interesting this pair are, we should not be looking to go beyond the ascending trend line, it's been respected by the market since April 2015, it's not our job to dictate, only to follow.

Trade active
Comment: The pair respected 1.075 beautifully continuing with following the bearish dotted trend line. I expect us to move down to 1.07050 to retest these lows and we'll then see if we can break down towards our targets near 1.06

Comment: Descending nicely down to the channel centerline, hold your position, patience pays.

Comment: Little bounce, but we’ve not reached the centre line yet.

Comment: Tracking down this channel beautifully, over 500 pips in trading profits taken on all trades this morning, still holding many other positions. Lots of work in analysis to achieve this and patience, lots of patience.

Comment: We broke the centre line and two lovely 4h pin bars have formed, we're going lower
Comment: Continued down, with a small pullback and some sideways action, looking to hold to continue to the downside

Comment: Divergence on the 15m timeframe, the Aussie is running out of steam

Comment: No correlation on larger time frames, it's going higher

Comment: Same pattern as Aussie / Cad, ascending wedge, Bearish pattern.

Trade closed: stop reached: Kiwi $ got wasted the last few weeks, it's a sentiment currency and heavily influenced by the Aussie and China, so no wonder, this is why we have stops.
Great analysis. I followed this trade idea. Thank you.
+1 Reply
@bhenx2, Pleasure, may more to come after this week.
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