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Audnzdshort

AUD/NZD IdeaHi guys, I'm quite new to all of this so any feedback or improvements would be very much appreciated! Here we have the pair AUDNZD and as you can see this pair has support at the 1.03163 area, price seems to be rejecting this area yet again. My thoughts are that this pair will now head north to 1.03634 area where it will create a new LH before continuing on its path down, so wait for the move north to finish and then ride it back down with the MM :) Cheers guys let me know what you think!
Short
by spilleyfx
1
AUDNZD 4H Short out of support turned resistancePrice is in a downtrend and has now retraced into a key level on the 4H chart, as we've seen this zone hold as support for three bounces, and will now likely be an area of resistance. It is also the 50% fib retracement level, and we see price has pulled back nicely into the 4h 50MA. Stop is placed above the current trend line and the next fib retracement level, and we're targeting the last structural low as the first area of interest for profit taking. Will also look to take further profit at the 127% extension. TP1 gives this trade R/R of 3.5:1.
Short
by tomstewy