FX:AUDNZD   Australian Dollar / New Zealand Dollar
713 11 22
Here on the 4h chart of AUD/NZD             we have a potential long & short position setup in the coming days / next week.

The top green box indicates the previous structure resistance dating back to 04/11/2013.
With this being a strong resistance area , we feel this should act and hold again.

As price action has been so strong to the upside, there is a possibility we could see a small pullback into support before another bullish move to the major resistance.
We also have 93.5 on the RSI , which means that the Aussie is overbought and gives more confirmation we could see a sell off in the short term.

Have a great trading week.
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Hi Tom,
Im looking to short this pair too.
But not at 1.1410.
bearish invalidation region for me is above 1.1377 (88.6%).

+1 Reply
TomHall TOP PriceActionTrading

I agree, i am watching the same structure level.
The reason for the 1.141 entry is i believe into next week we will get a small bullish spike before a push lower. i am hoping to catch the spike but i will be watching price action into next week.
+1 Reply
Trade Update:
Sell limit order has been set at 1.141.
Stop loss above 1.145

Good luck.
jdupreez TomHall
Hi Tom, nice idea thanks for sharing. Are you going for the long as well to previous highs around 1.14? You only mention the sell from 1.141?
+1 Reply
TomHall TOP jdupreez

I'm not looking to get long on this pair as there is nowhere to put the stop loss.
If the market falls, i will cancel my sell order at 1.14 and look for other opportunity's
+1 Reply
P_Parker TomHall
Hi Tom, I dont understand what you mean with "nowhere to put the stop loss". Can you please explain?
TomHall TOP P_Parker
Sorry it seems i was looking at another chart when i wrote back, my mistake.
I am long on this pair from 1.128.
I am looking for a move up into 1.139 area before getting short.
Hopefully all goes to plan :-)
P_Parker TomHall
Ok that makes sense to me :-)
Why did you enter at 1,128? I see that bullish Pinbar on Support and enter at 50% Retracment with a Pending Order.
What is your Entry Strategy?
Anyway, that Support was tested many times and seems to bee strong so I will set my Pending Order :-)
+1 Reply
TomHall TOP P_Parker
Once the Aussie broke the previous 1.129 resistance level, the RSI was 96, indicating it was overbought.
With this i expect a pullback to previous resistance now acting as support.
From here i am looking for a candle or an indication in price action is looking to reverse which we got on the h1 chart.
My stop position is 10 pips below the last spike low, if price goes beyond the previous spike low, i am no longer interested in being long and i will be out the market.
I hope that explains a little more in depth of my thinking process.
+1 Reply
P_Parker TomHall
Thanky for your explanation!
+1 Reply
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