AUD/NZD: Support levels broken, selling rallies now favoured

Support levels at 1.1950 have finally broken and this pair could easily fall back toward 1.1500 given current sentiment toward both currencies. Selling rallies back toward the breakdown level at 1.1950 is the obvious play here.

  1. Another newbie question with this one then.. would you buy NZD and sell AUD when it is around 1.193 mark and then when (if) it drops down to around the 1.15 mark then close the deal.. or am I reading that backwards.

  2. Hi Steven, this can be a tricky cross to trade even for professionals so be wary if you’re relatively new. But, yes I think it’s a reasonable risk-reward to sell AUD/NZD near 11950 with relatively tight stop-loss order above 12000, looking to take profit at 11760 initially and 11500 ultimately

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