AUD/NZD Buy Alert

The emerging AUD/NZD pattern I've been tracking is still valid. It is not unlikely that the Fibanacci retracement extend to the lows seen July 21. If this happens, it would also be forming a potential double bottom. I have already place the following orders:

AUD/NZD
Buy 1 unit at 1.2346 with a stop loss of 1.2290 and take profit target of 1.2423
Buy 1 unit at 1.23.20 with the same stop loss, and a take profit of 1.2484
Risk: 56 pips on the first unit, 30 on the second unit
Reward: 77 pips, and 164 pips

I am placing the order to be good until EOD (End of Day). The trade will become invalid if the price reaches 1.2590, or if it comes within 20 pips of our entry price before reaching our first target price of 1.2423. If my order expires at the end of the day without these negating conditions being met, it is likely I will place the order again over the weekend should the pattern still be valid. I will certainly post if that is the case.

From the Desk of
Aaron Reid