AUD/NZD Signal- Nov. 5, 2013

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By: John Ursus

AUDNZD Signal 11513

 

Timeframe: W1 Recommendation: Long Position

Entry Zone: 1.1400 – 1.1425
Take Profit Zone: 1.1700 – 1.1725
Stop Loss Zone: 1.1200 – 1.1225

The AUDNZD has corrected sharply as visible in this W1 chart. Over the past few trading weeks this currency pair has carved out a nice horizontal support zone and the AUDNZD is currently trading at the upper band of this zone which makes it a nice early entry position.

This currency pair could correct slightly more and inside its support zone, but overall bullish pressures are building and traders should expect this currency pair to breakout above its Fibonacci resistance level and rally higher during the next few trading weeks to close 2013 on a strong note. 

Professional trader and technical analyst with over one decade of experience. John believes that being a successful trader means you have to be in the minority and defy what is popular. Trading is an art form and not science and there are more myths about trading than there are successful traders.