AUDNZD returned to the range in which it was moving for most of the holidays. The price is once again limited from the top by resistance at 1.0980, and from the bottom by support at 1.0845. There is enough space here to win some pips. The more so because there was a resistance retest which had recently served as a support.

The pair was in the range mentioned above throughout July. The break-out occurred at the beginning of August, when the Australian dollar was strengthening. The bulls, however, did not manage to maintain the advantage, the price gradually decreased and at the second attempt came back at 1.0980. Now there has been a successful retest of this level as a resistance.

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This is a great moment to enter a short position. You can place a Stop Loss with several pips above 1.0980, and Take Profit around support at 1.0845. In this way, you can earn over 100 pips, and the ratio of profit to risk will be around 4: 1.

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