FX:AUDNZD Australian Dollar/New Zealand Dollar
The AUDNZD long from May 5th hit first target overnight and half the trade closed for +700 pips. The pair is now at a significant resistance line that acted as support way back in Nov 2013 and resistance in 2014. I will hold long but I am watching carefully, is overbought which adds to the likely hood of a pullback. Should the resistance break I will consider increasing the trade on a close above 1.14.
Hi XaviC, I read your post and looked at the additional comments, as you say the pair is approaching resistance. It may hold or it may not, we have no way of knowing in advance. I would not enter short here, the pair appears to have put in a medium term bottom, the economic situation has moved in favour of the AUD as the RBNZ move to a more dovish stance. I will wait for confirmation of a turn before closing the remaining half a trade, even if i do close I do not see any shorted potential