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AUDNZD has been having a sell trend on the H4 chart. The pair seems to keep making lower lows with a fair amount of selling pressure. Today’s first H4 candle is a solid bearish candle. There is a strong support level to be broken. If that is broken and confirmed by the H1 candles, then we might get a selling opportunity on the pair with excellent risk and reward ratio. Let us have a look at the H1 AUDNZD chart.
AUDNZD Price Action Analysis – 19th Sept 2017
Have a look at the bearish move here. Earlier today, the pair produced a huge bearish Engulfing candle and then the price has kept coming towards the down side. The level of 1.09330 is a level of support though, where price had a rejection. Thus, this level has to be broken first. If this level gets broken by a massive H1 candle and the price comes back to this breakout level again, then sellers should wait for an H1 bearish Engulfing candle right at this level to take a sell entry. Let us have a look at the summary of the trade…
- Sell Limit Order: 1.09300
- Stop Loss Level: 1.09850
- Take Profit Target: 1.08200
- 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
As it seems the setup might take at least two H4 candles to produce the signal. This means the signal would come after the New York session. Since it is AUDNZD so it is not directly related to the US session. Thus, to hit the target we might have to run the trade until tom tomorrow.
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We hope that you enjoy our Free Forex Trading Signal today. AUDNZD Price Action Analysis – 19th Sept 2017
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