Here is a new long signal

australia new zealand

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:

AUDNZD hourly 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
SL: 1.0995
TP: open

Your turn

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?

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Raul Lopez

I've been trading the markets for more than 15 years. I believe the best way to trade is by adapting to the market conditions. You can learn it too, join our community .

  • shahsunashfaq

    Hi Raul nice insights as always. :) No doubt AUDNZD is in clearly in bullish condition and has already tested support level once and has been rejected nicely so my question is it worth to wait for another test of the support rather than stop entry? because often i have seen more than 1 tests of the SF box and for Stop entry we would need a wide SL which will lessen our RR potential so what is your insight..
    Is it worth to wait for another test of support with tight stop…
    Or stop entry would be more worth wile
    Happy Trading :)

    • Raul Lopez

      I’d rather wait Sha, and you know something… I like the way it has been rejected from a similar resistance level, it gives me more confidence about setting again a new entry stop order once it breaks the resistance level… But not yet, I’ll let you know if I do…

      Good luck!

      • shahsunashfaq

        Thanks raul i will wait :)

  • Wojtek

    Hi Raul, It seems to be going sideways. Are we still waiting for the clear entry point? What are your latest thoughts on this pair? Can you give us an update? Thanks

    • Raul Lopez

      Hello Wojtek,

      Nope, right now I’m in the sidelines in the AUDNZD… I’m pretty sure new S&R will develop…

      I’ll keep you posted!

      Good luck!

  • dominiek

    ok… seems good indeed… lets hope it goes better then last weeks usdchf… took sl after less then 20h. Good lesson to close trades before big news releases.

    • Raul Lopez

      Yep, we never know how the market will react to the news announcements… This week we dont have that many announcements though….

  • Waqas Khan

    i am waiting for the retracement towards back to 1.9000 then according to channel support and price action i will enter long.

    • Raul Lopez

      Hey Waqas, why do you think the AUDNZD will retrace back to the 1.9000 level?

      Good luck!

  • tp

    Hey Raul, this pair looks good. I will be taking it along side you! I am looking at EURUSD and EURGBP. :)

    • Raul Lopez

      Great TP, lets see what the market has for us…

      Good luck!