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fabfive888

AUDNZD false channel breakout

Short
Australian Dollar / New Zealand Dollar (FX:AUDNZD)  
fabfive888 Updated   
FX:AUDNZD   Australian Dollar / New Zealand Dollar
Trend Analysis Chart Patterns AUDNZD falsebreakout 1hr
2
0
trendanalysis chartpattern audnzd falsebreakout 1hr
Short AUDNZD. False channel breakout on 1hr chart. Use the 5min chart wait for price to go down and cross 100MA to trigger trade, else abort.

First target : 1.0688
Stop Loss : 1.0740
Comment:
Broken out of channel to test recent resistance. Previous trade was not taken.

Now 4hr chart rejection on 100MA and recent resistance, 1hr chart RSI trendline broken, 5min chart - 100MA support broken and rejected as resistance, Trade triggered.

Trade taken at 1.0738. Stoploss 1.0758, 1st target 1.0704, 2nd target 1.0680, 3rd target 1.0655.
Comment:
5min Chart price cross 200MA for confirmation.
Trade closed: stop reached
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