More than a week ago I've posted a potential trade setup on AUD/NZD, which was retesting a multi-decade support around 1.0500 big round number and forming double bottom on the weekly chart. You can find that blog post here: AUD/NZD Near MultiDecade Support Level. Trade Pattern Idea

As this pattern idea was based on the weekly chart it was obvious that it will take more time until it will develop itself. Next big resistance level stands at 1.0850 but for now we have another minor resistance at 1.0700 round number which need to be broke.


  • Figure 1. AUD/NZD weekly chart.
I'm already +120 up on this trade and at the same time I want to protect myself from any big reversal so I'll be watching very closely how price action will shape the current picture in AUD/NZD.

Best Regards,
Daytrader21
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