AUDNZD: Target almost done, time to manage our desk?
In our previous technical comment on the AUDNZD pair, we have discussed the probability of drawing a double bottom pattern, when we wrote” AUDNZD: Clash of major Asian currencies produced double bottom”.
The AUDNZD pair has adopted favorable reaction to our suggested bullish scenario, approaching the detected technical objective of our long setup at 1.0410.
-To avoid the signs of exhaustion started to appear on RSI14, traders can close 50% of the quantity used to long the AUDNZD pair at current trading levels with about 120 pips profit.
-The remaining quantity could be left after moving the stop loss towards the entry point at 1.0285.