AUDNZD Bouncing Off Support After Novice Gap

AUDNZD started this week off with a novice gap -- meaning price gapped in the direction of the prevailing trend -- which is often a sign of an imminent reversal. Adding to this is that price has hit a support level, and today's candle is a strong bullish one; it may end up resutling in a bullish engulfing pattern if it can rally a bit more. One factor I'd normally want to see and would wait for is for price to complete a 50% retracement from its recent swing low on July 14 to swing high on September 5, but based on the strength I'm seeing across the board on AUD, now seems like the time to strike. Accordingly, I'm long at 1.1027 with my stop at 1.0993 and my target profit at 1.1299.

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