AUDNZD : Countertrend with good R/R Ratio

FX:AUDNZD   Australian Dollar / New Zealand Dollar
47 4 3
In a clear downtrend context, the pair has formed 2 equal legs and a short term bottom is possible . I favour a retracement till 1.03 which is 100 pips from current levels

Stop below 1.0150 , so R/R ratio is 2:1
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UPDATE : Stopped out and turned bearish . To consider a new counter trend position price needs to close above 1.0150
A clear down trend, so why long? Why not short at KijunSen?
Realisto_FX ForceFollower
Hi ForceFollower, the answer is because of the acceptable R/R ratio, and some signs of exhausted trend which can trigger a short squeze with higher targets : 2 equal legs down, aggressive reversal at the bottom triangle / wedge , and the psicological parity level

Hope this helps

+1 Reply
ForceFollower Realisto_FX
Sure. It can develop that way. If it doesn't start following right away on Monday, I'd be looking to go short at the high, and I think there may be strong resistance at about 1.027.

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