AUDNZD - Holding shorts For Now
AUD is gunning for 1.10 area basis weekly timeframe and daily structure shows upper trendlines in areas between 1.105 and 1.110. This is the area where I will start looking for shorts as shown with tentative targets.
Anticipate reduced upward momentum for a more tampered grind to 1.10 ( if it gets there ) so sitting back and keeping on my radar for near future.
However, this pair is due for a retracement and market short as a scalp for 30~45 pips could be bagged if risk is managed. If going down this path, I would take half profit at first target ( say ~35 pips ) and leave other half to run since daily timeframe shows possible retracement to 1.075 is according to fibs and structure - this is 100 + pips so worth holding half position.
This will depend on NZ data next week including some spending figures and the biggie GDP on Wednesday. However near term PA will be influenced largely on Asia developments that will spill over impacting this pair.
Anticipate reduced upward momentum for a more tampered grind to 1.10 ( if it gets there ) so sitting back and keeping on my radar for near future.
However, this pair is due for a retracement and market short as a scalp for 30~45 pips could be bagged if risk is managed. If going down this path, I would take half profit at first target ( say ~35 pips ) and leave other half to run since daily timeframe shows possible retracement to 1.075 is according to fibs and structure - this is 100 + pips so worth holding half position.
This will depend on NZ data next week including some spending figures and the biggie GDP on Wednesday. However near term PA will be influenced largely on Asia developments that will spill over impacting this pair.
Hypothetical: TP half of position on scalp short @ 35 pips. Move SL of remaining half position to 15 pips above entry (~1.0919). Set TP to target 115 pips = 1.0894.
Let's see lol