Trade Ideas: NZDUSD short and AUDUSD long

Two short term technical setups in progress as of the moment with a 2:1 reward to risk ratio and better.

AUDUSD 30-Minutes

AUDUSD broke up above a previous supply area and now serves to test as a possible resistance turned support level. If this holds up, we can expect a much stronger upwards rally. However, this may be a stop run as short positions are stopped out with reverse buy to close orders that allow traders to resume shorting at a much more optimal price. I expect this to be unlikely as this long position is once again in the direction of our original trend.

NZDUSD 30-Minutes

Similarly, NZDUSD is setup for another short entry as it tests the most recent supply zone. This supply zone seems to be holding up. Will be targeting roughly a 60% move down to the previous midnight lows rather than the next expected demand zone at 0.701~ mark.


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