Hi !
I didn’t know whether to post this in the newbie (what I am actually) section, or here in Forextown.
I have always been a little afraid by this mysterious pair, the AUD/NZD, with its large spread and its huge oscillations.
But two days ago, I risked myself to seize an opportunity, and made : first a 50 pips gain, then a 50 pips loss, both with 2 mini-lots. (approximately 50, but the net result was zero)
Then yesterday evening (French time, i.e. UTC + 1), I took my profit on a long position I had opened the evening before, hesitating between taking it now or trying to let it grow. Prudence took over and I took my gains : 40 pips, still on 2 mini-lots.
Later in the evening, I saw that the ascending channel in the pair was really strong and stable. I took 2 mini-lots long again. Tonight at the closure of the markets I have a 102 pips gain, running yet, but RSI seems good, the one-hour chart does show a breaking of the resistance line, turned into a support, though it is maybe a little too early to say whether this support will hold…
Do anybody have any experience with this pair ? Large spread, mega-huge oscillations (i.e. don’t set a tight stop), two countries of which the economies seem to be tightly connected, two currencies with high interest rates, chart against the other majors which are somehow similar…
If there is anybody who has some tips about this pair ? Is it possible to follow a trend on the relatively long term on it (even if long term here means one week) ? Would you rather advise range-trading ? Scalping on big moves ? Other strategies ? Or like any other pair, the first-look aspect of the charts being only a fake sensation for a pair which is, indeed, basically like any other ?
Thanks a lot if anybody has any hints ! 