FX:AUDNZD   Australian Dollar/New Zealand Dollar
AUDNZD's down trend may have have run its course. We can see that price is at the upper border of the former downsloping channel, trading around the 1.11 handle and approaching the 61.8% retracement of the entire Oct-Nov rally. And it is doing it in a very good style: lower highs and lower lows, conforming to the steep bear trendline - so chances are it is on its way to the support level of 1.10625. Both currencies (AUD and NZD) are relatively neutral in terms of their relative strength , but the AUD has become even weaker than NZD to an extent of being well oversold. So, if market finds its base for a rebound (support) at 1.11, I think we're going to see some nice corrective rally here.
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Disclaimer:
There is a very high degree of risk involved in trading forex . I assume no responsibility or liability for any trading or investment results. My posted statements and charts may unintentionally include inaccuracies. All content posted is for educational purposes only and is not a financial advice. The presented set-ups are not solicitations of any order to buy or sell.
Mirandole
2 years ago
I'm happy to see that you're back on business ! Nice call for this trade. I wish you the best for your next trades.
Serge,
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ForceFollower Mirandole
2 years ago
Thanks, Serge. I wish you successful trading as well!
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ForceFollower
2 years ago
Target hit. :-)
+1 Reply
kakola ForceFollower
2 years ago
That was an accurate target for the top there, good job. How did you decide where to put it?
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ForceFollower kakola
2 years ago
Thanks for the comment, kakola. Of course I didn't know the rally would stop exactly at my target. As you can see on the chart, all I did is I just set my target at the 38.2% retracement of the last decline from 1.13. Why 38.2%? Because the correction was too deep to expect more from the rally.
+1 Reply
kakola ForceFollower
2 years ago
Oh I see now after zooming out. That's a good method, I would have thought to use those fib levels on that previous rally to pick the bottom at 1.109, but didn't think they would stay relevant for another wave up within that. Clever.
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