In this article, we want to give you a “heads up” on AUDNZD.
The pair is testing the strong long-term uptrend support line 1.0600 level.
The bounce of this level could lead to another swing up into the middle of the long-term triangle. This will be a good opportunity first for the long trade entry with a good risk to reward.
In this kind of situations, waiting is not a good option. Traders should execute long trades as early as possible. The risk by placing a stop loss below the 1.0600 level is almost 30 pips but the possible reward could be much greater even more than 140 pips if we get a significant break above the 1.0760 key upside resistance level. Profit target should be in the 1.0760-1.0850 zone.
By using our top-down trading technical analysis we have identified the key levels which will be triggers for the entry and exit, based on the present market conditions of the instrument.
Happy trading! (click on the chart to enlarge it)
Sponsored by our lightning-fast cryptocurrency broker! Not suitable for US traders.
Through time we have developed a very respectable trading strategy which defines Entry, Stop Loss and Take Profit levels with high accuracy and allows you to make position risk free. We are publishing daily and weekly analysis and 5-10 trade alerts per week directly on your mobile device via Private twitter feed and Private Telegram group! NOW! NEW! With some of our premium membership plans, you will have MT4 harmonic pattern recognition software and access to Premium formationseeker.com membership! Two Premium trading services for one price! Live trading consultations included with our Annual Premium membership plan.
