Hello Traders, I’m Mani and I’m the writer of Trade 77 section, please follow me on twitter for further updates.
First of all I want to thank Peter Kuppen for mentioning AUDNZD weekly trendline, this is the best advantage of our live trading room, sharing ideas and charts.
It’s almost 21 days that AUDNZD soars more than 750 pips, a great massive bullish run.
Now price is a little bit lower than the weekly trendline and formed a nice long tail to the up in the daily timeframe:
If you see the daily chart above you can see that the price is almost near the 1.27 fibonacci expansion level and this shows a better resistant area is here at 1.3400.
For the trade setup:
There is a H4 trendline and wait for the price to break this trendline, after a H4 candle closed below it then go short:
First profit target would be 1.3180 level which is the 200sma on the hourly timeframe and former resistant level on the daily timeframe.
After breaking of this level then I will watch for 1.3000 level as it is 61.8 fibo retracement of that 21 days bullish run.
The ultimate stop loss is 1.3440 but when H4 trendline was broken then you can set a tighter stops above of that trendline. I like 1.3400 for stop as it is above the H1 trendline (Line #2 in the figure below) :
Make sure that you are following me on twitter so you can be informed of any trade calls for this pair and if you found this post useful let your followers to read it too, so please retweet this article with the button above of the article.
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