AUD/NZD Further downside

Forex101

Forex101.com.au Reprentative
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After a nice, slow and steady trend ( a trailing stop loss traders dream ) we're finally seeing AUD/NZD pull back. Where do we go from here? No doubt a lot of traders that shorted it took some nice profits but where do we go from here?

Personally, I'm still looking to short this however I need to see a convincing pullback and retest of somewhere to do so.

Marked out on this chart is where I'd like to see the retest to short. 1.05352 is a strong area of resistance that I'll be closely watching on the daily chart for sings of price rejecting at this level and I'll be targeting the support area marked by the black line at 1.03100 ( forgot to put price label in for screenshot )

Good luck all! & safe trading!

Joe
 

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