AUDNZD D1

AUDNZD

On the daily chart we can spot bearish trend. We can identify lower and lower tops and bottoms, we can differ corrections from impulses, averages have good shape, what suggests us opening short positions. After setting new low there was correction. Currently we can see another attack of bears on new low, if it will be successful we should look for opportunity to open short position. Let’s take a look at trading chart.

AUDNZD H4

AUDNZDh4

On the trading chart we can see that price doesn’t have any good level near to open position. There is high probability of bulls getting involves in the area of current lows. If we will see on the chart some new support, after breaking it we should look for re-test from below and there will be chance to open short position. Conservative scenario predicts taking position after candle signal. You can start using Price Action and invest on Forex market using free XM broker account. Do not risk more than 2% of your capital. Calculate volume of position correctly. Remember about correlations with other pairs, if there will be at least one correlation higher than 0.7 (or lower than -0.7), do not open this position.

If you are interested in Price Action Description, you can read it here.

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