Here is a new long signal
Yesterday I wrote an article about the AUDNZD in FxStreet.
I thought it was one of the clearest currency pairs to trade, and frankly, today its also the clearest currency pair to trade.
It is trading in a very clear bullish condition, click here to see the complete analysis in FxStreet.
Yesterday I mentioned that one possible trading escenario would be a retracement to the main ST support level and look for upward pressure around that level…
But that already happened, so I’m going to show you how I would trade the AUDNZD today.
Long signal in the AUDNZD
Ok, so we know that the AUDNZD is trading in a very clear bullish condition, so we are going to look for long opportunities.
It already retraced to the ST support level and lt looks like its being rejected from that level (which is good, it reinforces our main view of the AUDNZD which is bullish).
So what’s left for us?
A breakout of the previous high.
Here is the short term chart:
Yes, I would definitely take a trade here if the market breaks through the previous high, not just because of the way its trading in the short term charts, but because the way it is trading on both, the long term and the short term charts.
My strategy here would be:
Long stop entry: 1.1043 + spread
What do you think about this signal? Are you going to take it?
Do you usually like to take breakout trades?
What other pairs are you trading?