AUD NZD brings back some good memories of the earliest days of this blog! At the time I saw the upside potential on this pair there wasn't much else around in the way of high probability trades. Even this swing long was a little nerve racking early on as it just took so much time to do anything, only being kept in the trade by the fact that I was getting paid positive interest due to the interest rate differential between the 2 currencies.
I really need to apologise on this one as it's a set up I've had my eye on for 3 Weeks and each time I checked the chart it wasn't quite ready to post an entry, but now I may have left it too long for the perfect entry, however, a possibility of a good short may still exist.
As we are still in a situation where there remains a lack of very high probability trades that are both ripe and imminent, I'm going to run through the main part of my watchlist showing what I'm looking at right now, why I'm looking at it, and detailing in pictures the simplicity of the type of trading set-ups I trade.
Not a great deal to say about AUD NZD and although the chart does show some mildly bearish possibilities, I remain bullish until the August 1.2319 low is broken on a daily close.
My earlier swing long attempt ended with the trade being stopped out right where the horizontal red line is shown on the chart. That's pretty frustrating, but hindsight makes it clear that
It's been a manic week in the markets and a quiet week on the blog, so why's that?
Well, day trades aside I've been sitting on my hands because all open positions were performing without the need for attention and there's presently nothing new on the watchlist.
I'm not convinced by AUD:CAD's recent rally and although I have mixed feelings for both currencies in the short term, the price action seen over the last couple of weeks may warrant AUD CAD being on the watch list.
On 22nd August I entered a Swing long position on AUD:NZD from 1.2650 with an ultimate yet possibly optimistic exit target of 1.3230As this position was taken prior to the inception of this blog, it wasn't one