AUDNZD has been relatively bullish and AUD/NZD has been beaten down
Going long here because there are a confluence of 4 factors as follows:
Confluence of:
1) Stalling at 78.6 Fib
2) Oversold on 1hr, 4hr and daily time frames
3) Trend Line support (trend line from Sep 2016)
4) Also 1.0470 area has held ad horizontal sup
Normally I would like to see a price action confirmation i.e a bullish 1hr or 4hr candle, but risk/reward here is very good.
I am long here at 1.0470/1.0475 with stops below low of the day means risking 20/30 pips.
If wrong AUDNZD could fall as far as 1.0325
PS; I don't consider AUDNZD bullish at this stage but the set up and RW ratio makes this trade worth taking for me
Going long here because there are a confluence of 4 factors as follows:
Confluence of:
1) Stalling at 78.6 Fib
2) Oversold on 1hr, 4hr and daily time frames
3) Trend Line support (trend line from Sep 2016)
4) Also 1.0470 area has held ad horizontal sup
Normally I would like to see a price action confirmation i.e a bullish 1hr or 4hr candle, but risk/reward here is very good.
I am long here at 1.0470/1.0475 with stops below low of the day means risking 20/30 pips.
If wrong AUDNZD could fall as far as 1.0325
PS; I don't consider AUDNZD bullish at this stage but the set up and RW ratio makes this trade worth taking for me