AUDNZD: A Buy Setup Targeting the Previous High

Last week, AUDNZD has reached a new high at the 1.1100 level. The trend of AUDNZD is persistent; when the price has reached a new high, that means the trend will not easily reverse for a period of time. Therefore, we are looking for buy entries to capture any retracement from the previous high.

The price has retraced to 1.0980 level,which is the previous resistance level from where the price broke up. From the 1.0980 level, we can see that the price has formed a double bottom pattern, followed by the price breaking the neckline area. Then, we can see that the price further broke the descending trend line. Therefore, a strong bullish momentum has taken place at this level. We are waiting for the price to retrace to the neckline area. From there, we will enter buy positions and target the recent high of 1.1100 level

Trade active:

Buy Entry: 1.1012
SL: 1.0970
TP1: 1.1065 (If the bullish momentum is strong, we will delete this target)
TP2: 1.1100 or higher if the price further breaks up
Risk 1%

Comment:

First target hit. Rest of the position is set at breakeven

Comment:

Rest of the position is stopped at breakeven. A good 50 pips profit.