I have again tightened up the stop on my AUD/NZD long from 1.0800. At this point I am risking 1.0970, just below the 200 day moving average.
While 170 pips is a very nice return, as you can see from the chart, this pair can really rock ‘n roll when it wants and I am hopeful of a decent payday eventually. I like this pair for the medium term. Having said that, prudence dictates tightening of the stop, and if I do get trailed out I can always look to re-enter after some consolidation.
Overhead resistance comes in at the Dec 10 high of 1.1050.
AUD/NZD Daily