AUDNZD has been Bullish on the H4 chart. Today’s price action has been very Bullish as well. The first two H4 candles came out as Bullish candles. One of them has made a breakout at a significant level of Resistance. Thus, if we get a good corrective H4 candle and an H1 Bullish Engulfing Candle right at the breakout level, then buying the pair would get us some green pips. Let us have a look at the H4 AUDNZD chart.
AUDNZD Price Action Analysis – 24th April 2018
Have a look at the huge Bullish H4 candle, which made a breakout at the level of 1.06535. If the current H4 candle comes down and gets held at the breakout level, then an H1 Bullish candle right at the breakout level would drive the price to the level of 1.07260. Let us have a look at the summary of the trade…
- Entry- H1 Bullish Engulfing Candle at 1.06535
- Stop loss- Below 1.06170
- Take profit- 1.07260
- Validity: 72 hours
- Whenever possible, move the stop loss to the entry price and whenever you want, you can take profit anytime as long as you feel comfortable
There is a saying in the Forex market “The longer it ranges, the harder it breaks”. As we see on this chart, the H4 chart had been on a range for a long time. In fact, the price caught in the range for 3 days. Now have a look at the breakout. The breakout has been a massive as well. I strongly believe that the pair would attract many buyers to keep their eyes on it. Now things they are going to wait for are the correction and the Bullish H1 Engulfing Candle.
AUDNZD Price Action Analysis – 24th April 2018
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