AUDNZD Possible Buy

ProForex

ProForex

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:

file.png
a27d24_10c9fa2cd51f470fb7ccaafe1875b4c9~mv2.webp
 
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.

upload_2022-3-1_15-40-16.png





Fundamentals coming up :

upload_2022-3-1_15-41-37.png



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

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ProForex said:
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.

View attachment 279295




Fundamentals coming up :

View attachment 279296


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

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.
 
ProForex said:
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:

file.png
a27d24_10c9fa2cd51f470fb7ccaafe1875b4c9~mv2.webp
More...
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.
! AUDNZD.png
 
ProForex said:
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:

file.png
a27d24_10c9fa2cd51f470fb7ccaafe1875b4c9~mv2.webp
More...

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.
 
Last edited:
kroxobor said:
Looks good, stop loss below 1.0370 zone, should be good risk-reward ratio, like 1:1.5
More...

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.
 
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