Trade Idea, Date: 27 Feb: Sell AUDNZD

By | February 27, 2017

These market alerts are provided as part of a trial basis only. To continue to have access to alerts at the end of the trial register at fxcharts.

AUDNZD: 

Sell 50% @  Market

Sell 50% @  1.0710

SL @ 1.0765

TP @ 1.0550

The cross appears to be in the process of forming a right hand shoulder of a head/shoulder formation, with neckline at 1.0645 and, if broken, and objective at 1.0535. On top of this the daily indicators appear to be rolling over to point lower, so selling 50% at market with a further 50% at 1.0710, with a reasonably tight SL placed just above the trend high but looking for a run to the HS objective seems to be a reasonable risk/reward.

If we are right on this, the shoulder pattern could take up to about a week to develop, so  there is no really urgency to enter the market at this stage and those who do not wish to sell it yet will probably have the time and could wait to see if they can sell the whole position at 1.0710. On the other hand, the cross may not make it back to 1.0710.

This order is only good for entry purposes until 5.00 pm NY time Friday.

This information is a personal view only, this being a trade being undertaken by FX Charts. It is not an inducement or recommendation to trade although you may do so if you agree with the parameters of this idea.. Refer to our disclaimer here.

These market alerts are provided as part of a trial basis only. To continue to have access to alerts at the end of the trial register at fxcharts only. To continue to have access to alerts at the end of the trial register at fxcharts.