Both the AUD and NZD set up for a nice short. The AUD quickly tested the Asian session lows as the UK session got underway and pulled back twice. As it showed signs that it was not going higher, a short is taken with a modest stop loss of 14 pips allowing for a 3:1 Reward to Risk to our Target 2. A series of lower highs, a classic pattern, cheap stop loss and no economic news made for an attractive setup.
Price dropped, stalled, then dropped again to our Target 2, where we exit.
Good luck with your trading!
Lots of AUD and NZD news in the Asian session today.
Back tomorrow if we can find a trade.
