Audnzd Short Trade Idea – Nearing Top of Channel
AUDNZD is reaching the top of this channel I’ve drawn up. There was a lot of buying triggered on this pair on the weak numbers on the employment from the NZD side, although the unemployment numbers have improved. I have already shorted this pair at 1.10249 with a small position and am going to add to this position if it reaches for the upper trend line drawn in the chart below. Will place a stop 100 pips from the avg of total position. If everything works out as planned we should see it get rejected at the Trend line and head back to the lower end of the channel. Let’s see how this trade goes. Any comments, ideas or discussion related to this trade idea are welcome.
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The chart is below, may take a little extra time to load up: