AUDNZD Downunder Trade
With a highly concentrated set of pivots forming a Minor Pivot Stack there is good reason to be on standby for a good move.
The Monthly Pivot Range has now come down with the new month starting and this will provide longer term resistance. Therfore our bias will remain neutral to down.
If the market can weaken through the current set of pivots it is sitting on, then we will look to go short at the 1.04590 level with a stop loss above the Monthly Pivots at 1.05580. Profit target is 1.02630
The Monthly Pivot Range has now come down with the new month starting and this will provide longer term resistance. Therfore our bias will remain neutral to down.
If the market can weaken through the current set of pivots it is sitting on, then we will look to go short at the 1.04590 level with a stop loss above the Monthly Pivots at 1.05580. Profit target is 1.02630
Trade closed: target reached:
Thanks to the flash crash in currencies yesterday we have a nice profit in this trade.