AUDNZD At Bottom of Channel
NZD is showing some signs of weakness, and the technical setup I liked best was long AUDNZD. Here we see price fall to support, which is also near a 61.8% Fibonacci retracement level, and the bottom of an upwards price channel as well. The 50 SMA is not far off above.
These factors, as well as yesterday's doji-like candle, led me to place an order to go long at 1.0748 with my stop at 1.0708. My target profit is 1.0888. I'm risking 40 pips to gain 140, which gives me a reward/risk of 3.5.
These factors, as well as yesterday's doji-like candle, led me to place an order to go long at 1.0748 with my stop at 1.0708. My target profit is 1.0888. I'm risking 40 pips to gain 140, which gives me a reward/risk of 3.5.