Good morning Forex Kings,
Wow, some crazy moves in the market over the past couple of days!
GOLD and SILVER fell off the cliff along with all glob al indices. We do not think we are at the bottom just yet in the stock market.
The EU is coming to a stand still, the UK, US and Australia will soon follow going into mass quarantine. This means supply and demand will be extremely low for all products. Economic growth this year will fall. This means, there could be another leg down on all indices.
It has been extremely hard to get involved on the SELL side of the trade as there has been no pull backs along the way. The last thing we want to do is enter a sell very low.
Today we are going to look at putting buy orders into the AUDNZD. The market is approaching record lows which will provide opportunity to place long term hold positions.
AUDNZD – Weekly Charts
Weekly double bottom at 1.0020. RSI is over sold, apart from the current double bottom we could not find a time when the AUDNZD exchange rate was any lower.
AUDNZD – Daily Charts
The 161.80% FIB level is set at 0.9960.
Trade Setup: BUY LIMIT – Entry price 0.9960, initial stop loss is going to be set at 0.9760 and take profit left open.
Stop Loss: 200PIPS
We will look to add another position at some stage over the coming month.