New trade LONG AUD/NZD from 1.0508

We are LONG AUD/NZD this morning from 1.0508 with an ultra tight STOP at 1.0502.

Price has hit a support area and although this area isn’t very strong, its worth a 6 pip risk to see if it holds.

Just above the current price lie 3 areas of resistance – the mid Fibonacci pivot, the Weekly pivot and the 1M 200 sma so the BEARS may jump in here and drive the price back but if we do clear this area then these resistance will act as formidable support for a drive higher.

AUD/NZD is our trade of 2017 (to be posted) so any chance to get LONG with a tight STOP should be taken.

 

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