InstaForex - Analytics


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    AUD/NZD trading recommendation for 7th June 2016 2016-06-07


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    AUD/NZD is right on our stop loss level from yesterday forming a very bearish reversal candlestick pattern. We will raise our stop loss slightly to 1.0400 which is a fractal resistance level based on multiple fibonacci levels and play a position down to 1.0620 for a low-risk, high-reward trade. The RSI is also on a major resistance level.

    Trading recommendations:

    Sell now and add a position if the price reaches 1.0700.

    Take profit 1.0620

    Stop loss 1.0740

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