" AUD NZD has been bearish for a long time while some of the popular traders on for e.g. Zulutrade still believe it will go up. One of our readers contacted us and asked us what we think about this currency pair right now.
-1796 Pips in drawdown trading AUD NZD currency pair
Our reader is trying to understand how his trader is thinking:
Hey Forex and profits!
Help! AUD NZD is going down, down, down! I have been following FastNews since November and all he is doing is taking new buy trades for aud nzd. He has now -1796 Pips on this currency pair alone, and I’m worried if it will continue. What do you think of aud nzd?
John, Norway
John also attached a screenshot of his current trades:
The trader “Fast News” has been buying AUD NZD for several months, and he has kept positions from November, some up to -350 Pips in drawdown. We completely understand it is frustrating when one trader is going all in with one currency pair, and the trades are going against the market for a long time. We have taken a closer look at AUD NZD to see if there is hope in the near future for a new bullish trend.
AUD NZD analysis – Daily:
On the daily timeframe it looks like it is ready to go up.. The RSI is in the buy zone and it is in a wedge.
AUD NZD analysis – Hourly:
On the hourly timeframe it is going up and the RSI is skimming along the sell zone so it might skim for awhile yet while it goes up that seems to be what these pairs are doing now.
It might keep going to reach the upper trend line … certainly the daily in a wedge means there is going to be a breakout ….
You can see how it is not far from the .236 etc in the current Fib.
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Was this article helpful for you? What do you think of the AUD NZD currency pair? Is it ready to go in a bullish trend now? We often use Pivot points in our analysis. I have already written an article where I explained in detail how target trading works.
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