AUDNZD: Profit Target Was Reached, What's Next?
I wrote about the selling opportunity based on the bearish divergence at 1.08520 resistance. The price broke the local uptrend line and moved downward. Short trades are in profit now, and it can be a good idea to fix the profit. What's next?
Now the price is not far from the support zone formed by SMA100, SMA200, and 1.05000 support level. The price action in this zone will be able to give new trade opportunities. If the price bounces from this zone, we should search for a reversal signal in the hourly charts and open long trades with stop orders below the support and the local swing low. The profit target can be round numbers like 1.06500 and 1.07000 levels.
If the price breaks the support zone, it will be a strong bearish signal. It will be possible to search for trade signals in the hourly timeframes as well. I'm not sure that shorting in the direction of the breakout will be a good idea. In order to get a more reliable signal, it will be better to wait for a retest of the old support as new resistance and short using a reversal signal.
P.S. as I don't use like-bots and other solutions that show great "interest" to my posts, I will be grateful if you support my work by your LIKEs and comment. Of course, if you can do it. The feedback from REAL people is priceless!
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
Now the price is not far from the support zone formed by SMA100, SMA200, and 1.05000 support level. The price action in this zone will be able to give new trade opportunities. If the price bounces from this zone, we should search for a reversal signal in the hourly charts and open long trades with stop orders below the support and the local swing low. The profit target can be round numbers like 1.06500 and 1.07000 levels.
If the price breaks the support zone, it will be a strong bearish signal. It will be possible to search for trade signals in the hourly timeframes as well. I'm not sure that shorting in the direction of the breakout will be a good idea. In order to get a more reliable signal, it will be better to wait for a retest of the old support as new resistance and short using a reversal signal.
P.S. as I don't use like-bots and other solutions that show great "interest" to my posts, I will be grateful if you support my work by your LIKEs and comment. Of course, if you can do it. The feedback from REAL people is priceless!
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
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