Trade Idea: AUDNZD Bears Take Control
Important note on charts:
It’s imperative to your trading success, you are trading with a broker that offers “New York Close Forex Charts” where each daily candle opens and closes at 5 pm EST. This is essential with trading price action correctly.
Trade Setup Disclaimer:
All my trade setups provided, is not advice or a recommendation to trade or invest. It is solely for educational and general information only.
Don’t blindly buy or sell the Forex markets discussed in this trade setup. Do your own research and always be aware of the risks and rewards.
Potential Trade Setup: AUDNZD Bears Take Control Breaking Support
All charts I provide are of the Daily time frame unless stated otherwise. (There is a good chance of a signal on the 4-hour time frame on this setup)
Key Levels: Broken support level at the 1.0530, with next support levels sitting at the 1.0450 and 1.0368
Price Action Signal: Awaiting a retest of the broken key level for a price action signal
Chart Notes: The AUDNZD has just broken a key level of support.
With a new bearish bias after the breakout, makes this an ideal pair to watch.
Potential Trade Idea:
I am considering selling this pair if the broken key level of 1.0530 now holds as a new resistance.
I will be looking for a strong bounce of this key level with a nice bearish reversal candlestick pattern. (Perhaps of the 4-hour time frame)
This pair has now dropped into free space, giving the trade idea room to head lower to the next support.
With a first potential target being the next support level at 1.0450.
I can’t stress enough here, that patient and discipline is the key to any successful trader.
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Now is your turn:
How are you planning this setup? What are you looking for to catch the next bearish move with this pair? Just leave any question or comments below.