AUDNZD - BUY - 29th November 2021




AUDNZD - BUY - 29th November 2021 (Closed)


6th December Update:

Good afternoon team

We are still holding our AUDNZD position which is still ticking the boxes for a move to the upside. This set-up will remain valid until the 1.0315 support is taken out.

We have decided to add a second position at these lows, however, it is only half the usual risk we generally take on a trade. There has been a retest on the broken bull flag structure along with a higher low.

Trade Setup 2: BUY market execution, current price 1.0396, stop loss 1.0310 and take profit target 1.0610 +.

Stop loss: 86 pips

Take profit: 215 pips

 

29th November Position:

Good evening team,

I have been waiting for a long trade opportunity on the AUDNZD, despite the RBNZ raising interest rates last week the NZD weakened across the board.

The weekly charts have had a strong bounce from a historic support zone and last weeks candle close set up a bullish engulfing formation. The MACD has crossed over indicating a change in trend.

AUDNZD – Weekly Chart

AUDNZD – Daily Chart

There has been a higher low and a bull flag breakout, both bullish technical signals on the short term time frame as well.

Trade Setup: Buy market execution, current price 1.0460, stop loss 1.0315, take profit 1.0800 

Stop loss: 145 pips

Take profit: 340 pips

Once the trade breaks the 1.0600 resistance we will be looking to add another position on a pull back with more leverage as there is a chance of this running higher than 1.0800.

Trade Setup
BUY - Market Execution

Entry
1.0460

Take Profit
1.0800

Stop Loss
1.0315