AUDNZD Possible Buy

Looking for a buy trade to setup for AUDNZD.

We have punched through a significant Support/Resistance area around 1.07300 zone.

On the fundamental front we would like to see some bulish sentiments come into Cash Rate Indicator & RBA Statement for Ozi Dollar.

We are keeping a close eye for this setup near area highlighted by white circle.

If trade sets up with nice bullish signals we are targeting 1.07800 zone for profit taking.

Screenhot:

 

audnzd has been hovering around 1.066 and 1.077 for quite some time.
I don't consider the 1.0730 zone as support / resistance.
There are hardly any major economic events coming up.

 

Hi @maxinger .. thanks for reply !!

There are some major support & resistance going on in this area in the past. Hence the reasoning behind the trade

Looks like markets are heading north, we would like to see a retrace for entry.






Fundamentals coming up :




Let's see how this Cash rate & RBA Statement effects the markets. Then we can decide if there is a trade or not

 

Jump The Creek, Backup to Ice
https://www.elitetrader.com/et/thre...t-right-here-baby.335635/page-25#post-5521306

 

as mentioned, there were no major economic events coming up.

the economic calendar is created by professional writers.
They lack trading experience.
and they have no idea what is major, minor, trivial economic events.


the AUD rate statement that was just released did not move AUD at all.

 

Looks good, stop loss below 1.0370 zone, should be good risk-reward ratio, like 1:1.5

 

I see mixed outlook atm.

Had a sell signal Feb 15th that might not have completely played out yet (?) with TSI pointing down but longer term TSI still looks higher.

 

New bie?
You need to learn basic in forex trading.

You long AUD and short NZD? Both of them are strong. Albeit one is stronger than the other, but the difference is so small .
In forex you long the strongest and short the weakest(which is a common knowledge). Such as short ERU/AUD, which is 100 times better than your pick from risk-reward point.

 

Your STOP has been hit.

for this trade, the chance of success is < 10%.

You should look for a trade that gives you ~50 % success rate.

 

AUD and NZD are strong, ERU and GBP are weak.
So short ERUAUD, ERUNZD,GBPAUD,GBPNZD are all better picks.