Monday, March 4, 2013

NSDUSD/AUDUSD: Closing Price Reversal/Pin Bar Trade setups 05/03/2013

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Both pairs found significant supports by the close of the trading day but the long term bias on the pairs still remain bearish. NZDUSD ended the day with a closing price reversal setup while AUDUSD closed as a pin bar. Each reacting at significant horizontal supports. If these setups eventually push the pairs higher, we would be looking to get back in on the bears pending price action at their respective resistance zones as indicated in the charts above.

My recommendation: Buy at pull back at about 50% retracement on each pair. 

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