As you can see, AUDNZD Has shown Bearish momentum and currently price is in a small retracement as i would see it to a critical point of resistance that i have marked with the grey horizontal line. From this point, price may continue a potential bearish move to our take profit point that i have marked with the green horizontal line.
Green line- Take profit
Short Term Sell to Support from the Daily Trendline Breakout. Long Term Uptrend.
Note to self: Made one published mistake so far, but I didn't make money with any of my trading ideas. With this trade I will have to focus on discipline.
AUDNZD broke out of it downtrend and bounced back up of its key support level(red line).
But as you can see it came down again because as the resistance trend line from a while a go.
It will see it go down testing some support levels before we can see its next move
Anticipating shift in trend downwards as price action demonstrates a strong momentum swing down. Additionally, MACD + Triple Time Frame RSI provide additional support for my idea
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I'm not going to enter this trade until i see breakout of the support line. After breakout, i will wait for the pullback and will go short after i see the price-action.
This is a 1:3 risk-reward setup which means a bit risky one. I'm going to risk 2% of my account balance for this trade. There are some strong supports. I may close and re-enter but not sure...
i have been waiting for this drop and its about time for AUDNZD to drop back to planet earth. watchout, set your sell stops and watch this pair go... down :)
See previous analysis
PLEASE SUPPORT THE MOVEMENT WITH YOUR LIKES, COMMENTS AND FOLLOW FOR MORE
My opinion is that the market is in an uptrend and we're currently in a retracement where buyers have another opportunity to enter and exit the market for a TP. I have identified 2 places where you may wish to do a buy either at leg B OR you can decide to wait for market to go lower before buying in again at leg D.
My labelled zones are only a rough idea of where...