AUDNZD has been bearish on the daily chart. The pair produced three consecutive bearish candles on the daily chart. The H4 chart shows that the price has been on consolidation. There is a flip over resistance, which may produce a bearish reversal candle. If the price makes a breakout at yesterday’s lowest low after the reversal candle, the sellers may find an opportunity to go short on the pair.
This trade idea was generated by our powerful Elite Swing Trader System on an H4 time frame.
AUD/NZD Daily Price Forecast – 10th March 2020
The chart shows that the price has been on consolidation within the levels of 1.03570 and 1.04075. It already had a rejection from the level of 1.04075. As of writing, the pair is trading around the level. If the level produces a bearish reversal candle, the sellers may go short below the level of 1.03570. Let us have a look at the summary of the trade…
- Sell Stop: 1.03485
- Stop Loss: 1.04292
- Take Profit: 1.02651
The Forex market has been shaky this week. Almost all the pairs started with big gaps and most of the pairs ended up producing long spikes even on the daily chart yesterday. Traders may find it difficult to find out A+ entry as far as price action trading is concerned. In such a situation, traders must keep their patience. The market is panicking. It does not mean that we would panic as well. The market will settle down soon and start offering us A+ entry again. Meanwhile, we may have to watch more and take less action. Let us be patient and calculative.
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