AUDNZD Short Analysis - Daily Timeframe

AUDNZD has been in a downtrend over the past several days. The initial short trade was triggered by the bearish pin-bar that was unable to close past the highlighted area of support and resistance. Since then, price has gone forcefully down until yesterday where it formed a Bullish candle with long wicks in both directions. This candle formed in a previous area of support/resistance that last occurred in 01/10/17 to 01/23/17. Price has today broken down past this area of support, signalling for me a continuation of the downtrend.

My Stop Loss is a few pips above the most recent resistance area at 1.05635 and my targets are throughout the next area of support and resistance, with the final extended target at the horizontal key level I have drawn where price last reversed on 01/31/17. Target 1: 1.04500 T2: 1.04050 T3: 1.03500

Trade attivo:

I am moving my stop loss to break even on this trade.

Trade attivo:

Trade developed nicely throughout the day. Still expecting price to hit further profit targets. May lock in some profit as I believe there will be better trades to take during the European and New York session

Trade chiuso: obiettivo raggiunto:

All targets except final, extended target reached. Full trade closed as I do not want to hold this trade over the weekend.