AUDNZD: Target almost done, time to manage our desk?

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.

audnzd-29-04-2015

Risk Management:

-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.

Amir El Araby

Co-Founder & Chief Global Strategist at FxComment.com, with 17 years’ experience in the technical analysis studies for FOREX, Commodities and Indices. Amir El-Araby worked as a mentor for many companies and institutes, where he presented new methods for trading in the financial market. Amir is a member of ESTA (Egyptian Society of Technical Analysts). Amir is also the official partner of Harmonic Trader (Mr Scott Carney) and the official instructor of harmonic trader association for Arab countries.

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