AUDNZD is forming lower highs on weekly timeframe and this has informed our latest sell strategy. Price action also suggests prices are headed lower so we are getting short on the cross.
- Looking at short AUDNZD trade from current level at 1.083500 area aiming for closes near 1.05200 in the medium term.
- Stops are set on a weekly close at 1.1000 and if closes are achieved above 1.08800 on a weekly basis we close off the trade.
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Risks to the trade include New zealand employment data on Wed 07/11/2018 and RBNZ decision same day.