***Long AUD/NZD @ 1.06630***

I'm thinking we'll have another bounce in this pair either up to the 1.11 level or possibly the 1.138 level, which would be a 400+ pip rise or a 700+ pip rise. Pips are worth slightly less than $10 in this pair coming in at $8.39 per lot.

The risk on this pair is the prior low at 1.04903, but I never set my stop at the ultimate low. I'd rather save a little cash if I'm wrong and set it at 1.05, which is 163 pips below the entry. That risk is a little large, but if this trade plays the reward could be much greater than the posted take profit levels above. Sometimes I'm willing to risk a little more on these scenarios.

Chart:

One of my favorite buy/sell setups occurred on this pair. On the 30m chart you draw a trendline on the MACD. Once that trendline is broken you wait.......You wait for the pair to put in either a higher high or lower low WITH Divergence. Right now I'm jumping the gun on the divergence, but you can see on the chart that the MACD would need to drop sharply to not create that positive div. I'll gamble on the +div.

Risk: 163, Reward: 400 (on the low side) = .4075 as I said, not my best setup, but I'll try it.