Forex Trade Update: Short AUD/NZD Adjustments

So far so good on my AUD/NZD short trade! I do have to make a few adjustments though, as there are a bunch of top-tier catalysts coming up.

Before reading the rest of this entry, make sure you check out my original trade idea and trade entry update first!

AUD/NZD 1-hour Forex Chart

AUD/NZD 1-hour Forex Chart

I know, I know… I’m a little late to the selloff party but I am still considering pressing my advantage if fundamentals confirm that further losses are in the cards for this pair. The RBA interest rate decision is coming up and a downbeat statement might lead to a sharp drop to my target at 1.0550.

As I indicated in my Comdoll Trading Kit for the week, New Zealand’s quarterly employment change and Australian retail sales data are also up for release and might spark extra volatility for this pair. With that, I decided to move my stop to entry prior to the week’s top-tier data. I’ll be watching these events closely, looking for opportunities to add another half position to my trade and improve my return on risk.

What do you guys think?

Cheers!

Happy time

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