See daily chart of AUDNZD below for the discussion that follows.
AUDNZD broke to the upside this past week… this comes after it consolidated for a couple of months. This suggests a resumption of the uptrend that was in place before the consolidation. I will look to go long should price retrace to support (previous resistance) and I get confirmation in terms of price action / candles as per my strategy.
Remember, always have your own trading plan and never follow other people blindly. Always know where you will be proven wrong on any trade and have stops in place. Stick to your stops and never bet the farm.
On Ideas: Please don’t take this as trading advise. Please do your own due diligence before entering any trade. Also see Disclaimers.
Thanks for reading.