AUDNZD has been bearish on the H4 chart. Yesterday’s daily candle closed with a strong bearish tone. The price stalled at the support level where the price had a bounce earlier. As expected, the price has had an upside correction. A level of flipped resistance holds the price and may continue being a level of resistance. If the level produces an H4 bearish engulfing candle and makes a breakout at yesterday’s lowest low, the sellers may find an opportunity to go short on the pair later today. Let us have a look at the H4 AUDNZD chart.
This trade idea was generated by our powerful Elite Swing Trader System.
Free Forex Trade Signals AUDUSD – 23rd Oct 2019
The price landed at the level of 1.06570 and started having consolidation. The last H4 candle came out as a bullish engulfing candle but the candle closed within the level of 1.06795. This is the level where the price had bounced off twice. The level has a strong potential to hold the price and produce an H4 bearish reversal candle. If the price then continues going towards the South and makes a breakout at the level of 1.06570, the sellers shall wait for an H1 consolidation and H1 bearish engulfing candle at the breakout level to take a short entry. Trade Summary Below…
- Entry: H1 bearish engulfing candle at 1.06570 after a breakout
- Stop Loss: Above 1.06795
- Take Profit: 1.06217
The pair produces an H4 bullish engulfing candle at a strong level of support. However, I assume the trend is still bearish since there has been a down-trending Trend Line, which is still in play. If the price makes a breakout there, the price may change its direction.
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The post Free Forex Trade Signals AUDNZD – 24th Oct 2019 appeared first on Advanced Forex Strategies.
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