Trade77; AUDNZD More than 200 Pips Ready 7am

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.

Great Thanks

  Copyright secured by Digiprove © 2010

The following two tabs change content below.
Winners Edge Trading was founded in 2009 and is working to create the most current and useful Forex information and training available on the internet.

Winner’s Edge Trading, as seen on:

Winner's Edge Trading in the news

  • Simon721

    Trading is a battle between you and the market. And while you might not be a financial professional, that doesn’t mean you can’t win this battle. Every day, millions of ordinary people around the world wake up, turn on their computers, and try to make a living by trading the financial markets. Some are successful, some fail, but the possibility of hitting it big attracts many to the business.
    Cash In On Trillion Dollar Forex Market:
    Simon Grimshaw

  • Anonymous

    What’s this link?

  • Anonymous

    You are welcome Jean, Thanks for reading and commenting.
    Jean we are going to trade NZD strength against AUD weakness, in this case I think AUD weakness is the key. But for this trade we want to catch a retrace and I didn’t say that the trend is going to be reversed. But I agree with you, forecast for NZD is absoltely bearish.

  • Anonymous

    EURJPY is the same, please look at the times which artcles were published.

  • Anonymous

    Sandy, look at the time I wrote the article, this is not when market closed, I wrote this on 7am of Friday.

  • Sandy_3882


  • Sandy_3882

    Why are your candle close different from all other brokers? my close for the week 1.3399o and yours is reading 1.3354.

  • Fdodaro link not seem to work?

  • Jean

    Thank you for the article Mani . Do you think the bad economy forecast for the first quarter next year in NZ would effect drop?

  • Anonymous

    Thanks for your opinion, I agree with you and when NZDUSD was at 0.7700 I called a 500pips drop and I still believe that it will reach around 0.7200 level. But this is also because of USD strength and it has no reason for AUDNZD to go up furhter. I want to trade NZD strength against AUD weakness and still waiting for that H4 trendline to be broken(Maybe next week).

    Again thanks for reading and commenting.

  • i suspect nzd will be weak for another couple of days till NZD/USD reach 0.72800 so maybe we’ll see a double top retesting the weekly trendline ? (but i’m used to trust your analysis more than mine 🙂

  • Anonymous

    Stein, Thanks for reading the article and also for your comment. I do believe that this would be a good trade.

  • Stein

    Very good top – down analysis using W, D, and finally H4 trendline breakage for set up signals and and fibs for the Targets. I use this myself in some of my higher timeframes. I will be watching that breakage. Thanks again. Stein