AUDNZD has been having a strong Bearish trend on the Daily chart. The pair produced two corrective H4 candles today. The current candle seems to be a strong Bearish candle so far. As it seems, it has been trying to make a breakout towards the downside. If we have the breakout, then an H1 Bearish Engulfing Candle right at the breakout level, later on, would be the signal to sell the pair. Let us have a look at the H4 AUDNZD chart.
AUDNZD Price Action Analysis – 11th April 2018
Have a look at this chart. The price has kept making lower lows. The current candle seems that it has been trying to make a breakout at the level of 1.05185. If this current H4 candle finishes below this level, then the sellers would wait for an H1 Bearish Engulfing Candle at the time of correction to sell the pair. Let us have a look at the summary of the trade…
- Sell Stop Order: 1.05185
- Stop loss: 1.05485
- Take Profit: 1.04700
- 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
The AUD had one early in the morning. For the rest of the day, none of the currency of this pair has any high impact news event. Thus, if the breakout takes place, we can assume that the pair would run very technically and offer us the entry. If things go accordingly, then we would not have to that long to achieve the target. Keep your eyes on the pair closely. Most probably, the signal would come at or after the New York open today.
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