AUDNZD. Soon To Turn Mega Bullish
AUDNZD.. The pair likely to find a meaningful bottom ( be it a temp one – though I think it be a formidable one ) soon enuf. It is either almost to or soon be after a short dip to find bottom before turning bullish as can be seen off the weekly chart. AUDNZD – 8 hr – Trying to pin a bottom – Though it could off around the recent lows – but a break above the steeper downward channel would signal we have a meaningful low in and a time for meatier bounce.
Fundamentally these currencies are both weak and trading weak against weak currencies is not something that I normally recommend. However the technical’s do look tempting with the rising trend line and the pin bar rejection of the rising trend line. Also we have had quite some downside in the price lately and a profit taking technical pull back could be on the cards. A 50% fib pull back of the recent down trend gives a massive 7:1 risk reward ratio which is to big to ignore. The question you have to ask is how much will it cost to find out if you are right or wrong. Good Luck.
AUDNZD Potential To Go Long
Hello everyone, we have more than one reason to go long on this pair, the price could go little more lower and then come back up but looking at how the patterns are lining up it might reverse from this point. Keep the news in mind as well. I have highlighted the targets on the chart.
Time For A Rally
As you can see there is a bullish hammer formed off the double bottom of the -2 deviation. Today it broke out of the descending channel(4 hr). This is looking good so far, lets watch it closely towards target.
AUDNZD Bat Pattern
This is an interesting pattern which tells us the AUD may have a more fierce action than NZD. So long this pattern or long AUDUSD. I would say both are ok. Enter this market today. SL:1.05000 TP1: 1.08970 TP2:1.10500 TP3: Let profits run.
Please keep in mind that I am not giving any trading signals or trade calls here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don’t ask if you should or should not take the trade or ask for stop loss and take profit levels. Any SL or TP given on my trades are my own I have used for my trade and are not recommendations for you to use. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading!