In today’s live trading session, we went over the status of our pending trade setups for EURNZD and AUDNZD.
In yesterday’s live session we discussed the possibility of either going long or short for EURNZD, depending on what price action dictates. Since then, price has dropped 0.98% for this pair and we see the short option as more likely. We are waiting for price to break and close below today’s low. Ideally, this closure needs to be on the four-hour, eight-hour, or daily timeframe.
Another great setup that we are almost ready to enter, is a short for AUDNZD. This pair is also down a considerable 0.60% and it appears that more downside moves are on the way. This pair has broken a monthly support zone and it does not have plans to retest this broken support. Instead, price is looking to go all the way down to the lows we made in March.
As traders, we always want to be snipers in the market. We believe if these two trade setups are executed properly, they should result in promising gains. We are also looking at entering AUDUSD short if price action provides us an entry. As always, be safe and trade responsibly!
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- Read yesterday’s breakdown: NZDCHF and EURNZD Trade Ideas
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