AUD/NZD Forex Signal - 25 October 2016

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By: DailyForex.com

Risk 0.66%

Trade can be taken at any time

 

Long Trade 1

Buy the AUD/NZD pair at 1.0675

Set stop loss at 1.0625

Take profit at 1.0740

Should be in congruence with strengthening gold market

AUD/NZD Analysis

During the day on Monday, we saw fairly significant strength in the AUD/NZD pair, as we reached above the top of the shooting star from the Friday session, and of course continue to recognize the 1.08 level as supportive. Keep in mind that the Australian dollar is highly sensitive to gold markets, so it would make it even more interesting to go long of this market if gold starts to rally, which it did attempt to do during the course of the session on Monday. Ultimately, we have seen quite a strong move higher, so at this point in time it appears that the longer-term direction will continue.

AUDNZD

Christopher Lewis has been trading Forex for several years. He writes about Forex for many online publications, including his own site, aptly named The Trader Guy.