OANDA:AUDNZD AUD/NZD: Hunting Bears in the Land Down Under!
Looking for a chance to snag some pips in the forex market? Take a trip Down Under and short the AUD/NZD at 1.09115 for a potential sweet reversal!
AUD/NZD is forming a bearish It is reaching an important ZONE of resistance, ready to tumble!
Remember:
Watch out for the whales! Stay tuned for economic news and events. Manage your risk wisely. Don't go all-in - enter with a small position size This is just a suggestion, always do your own research before entering any trade.
Nice idea! Are you still short or has the trade already played out?
ForexCSP
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@PrimeTrading Yes, the short trade is still open, the target can be 1.083
debonairCockat27820
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your analyze failed???
ForexCSP
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@debonairCockat27820 No, the analysis is still valid until a strong daily candle closes above the level. Yesterday's candle closed as a hammer, and the previous candles are weak
debonairCockat27820
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@ForexCSP, Breaking resistance is enough with only a shadow of a candle i think
ForexCSP
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@debonairCockat27820 agree that breaking resistance with just a shadow of a candle can be a sign of weakness in the bulls.
The market can do anything, but it's important to remember that it's driven by orders. When the market reaches a level where there are a lot of orders, it can create pressure and cause the price to reverse.
A break of a support or resistance level with a shadow can be a sign that the bulls are no longer strong enough to continue the trend. This can be a good opportunity to take profits or enter a short position.
There are a few different setups that can be used to trade this type of price action. I will share some of these setups with you in the future.