Capturing Opportunity: Short Trade Setup on AUDNZD

FX:AUDNZD   Australian Dollar / New Zealand Dollar
AUDNZD has exhibited a notable rejection at a significant resistance zone, confluently aligning with the 4-hour trendline. This presents a compelling opportunity for a potential short-trade setup.

Entry Point:
Considering the observed rejection and alignment with the 4-hour trendline, an entry point at 1.09150 is recommended. This level reflects a strategic position to capitalize on the anticipated downward movement.

Stop Loss:
To manage risk effectively, a stop loss should be placed at 1.09490. This level provides a buffer against potential adverse price movements while allowing for sufficient room for market fluctuations.

Take Profit Targets:
Two take profit targets are identified:
- TP-1: Set at 1.08797, representing the initial profit-taking level. This level aligns with the anticipated downward momentum and serves as a conservative exit point.
- TP-2: Positioned at 1.08450, reflecting a deeper target for maximizing profit potential. This level accounts for further downside potential based on the prevailing market dynamics.

In conclusion, the technical analysis suggests a favorable short trade opportunity for AUDNZD, with an entry point at 1.09150, stop loss at 1.09490, and profit targets set at 1.08797 and 1.08450 respectively. Traders should monitor price action closely and adhere to risk management principles throughout the trade execution process.
Hello Traders,
This trade is running in profit. You can move your SL Close to your Entry point.
Trade closed: stop reached


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