AUDNZD has been bearish on the daily chart. Yesterday’s daily candle came out as a Spinning Top. However, overall bearish momentum suggests that the pair may head towards the South if it makes a breakout at yesterday’s lowest low. Today’s price action has been bearish since the first two H4 candles came out as bearish candles. Thus, there is a strong possibility that the sellers may get an opportunity to go short on the pair. 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 AUDNZD – 4th Oct 2019
The chart shows that the price came up to the level of 1.06670 and started having a pullback. The level of 1.07020 has worked as a level of resistance and produced an H4 bearish engulfing candle. The price kept heading toward the South on the next H4 candle as well. However, yesterday’s lowest low has still been held as a level of support. The level is to be breached by an H4 candle. If the level produces an H1 bearish engulfing candle after a breakout, then selling the pair would get us some green pips. Let us have a look at the summary of the trade…
- Sell Stop Order: 1.06767
- Stop Loss: 1.07051
- Take Profit: 1.06313
Today’s news event on the USD “Non-Farm Employment Change” may not have a direct impact on NZDUSD. However, it may end up creating some spikes. Spikes do not change a trend, but they sweep away our stop losses. Thus, it is better if the signal comes after the news event. If the signal comes before the news event, we might as well skip taking the entry.
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