Hi Traders! AUDNZD forecast follow up and update is here. On December 9th I shared this “AUDNZD Buy Idea Based On Multi-timeframe Analysis” post in trading view. In this post, let’s do a recap of this setup and see how it has developed now. If you would like to learn more about the way we trade and the technical analysis we use then check out the Traders Academy Club. Spoiler alert – free memberships are available!
My Idea
AUDNZD H1(1 Hour) Chart Current Scenario
Based on the above – mentioned analysis my view was bullish here and I was expecting the price to continue higher further after a valid breakout above the top of the range. The price action followed my analysis exactly as I expected it to, we got a valid breakout above the top of the range which we may consider as a fact provided by the market supporting the bullish view and there were no signs opposing this bullish view. The price then moved higher further delivering around 110+ pips move so far.
Currently, on the H1 chart, we have a potential bearish divergence in play based on the MACD indicator. This is something that we need to pay attention to. So if you are still involved in the buys then this is a good place to consider managing your trade and secure your profits (cash out or partial cash out or trailing protections or partial hedge, etc.. depending on the strategy that you work with).
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So traders when it comes to trading, there are various important factors that we need to pay attention to, just because we have a good setup doesn’t mean that we can enter the trade randomly and it will pay us huge profits. First of all, we need to validate the entry and we should have a perfect entry plan to get into the trade which is a key factor when it comes to trading. This AUDNZD forecast is yet another good example of this scenario.
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To your success,
Vladimir Ribakov
Certified Financial Technician
