AUDNZD had a strong Bullish wave on the Daily chart. The H4 chart shows that the pair found a level of Resistance. The price has been Bearish after breakout the up trending Trend Line. The first H4 candle today was a Bearish candle. The next one came out as a strong Bearish candle with a strong rejection from today’s intraday level of Resistance. If the price keeps coming down and makes a breakout, then we might get an opportunity to sell the pair and make some green pips. Let us have a look at the H4 AUDNZD chart.
AUDNZD Price Action Analysis – 30th April 2018
See today’s 2nd H4 candle. It had a strong rejection from intraday Resistance. The level of 1.06720 is the nearest level of Support here. This has to be broken by an H4 candle. If it gets broken and held by another H4 candle, then an H1 Bearish Engulfing Candle would be the signal to go short on the pair later today. Let us have a look at the summary of the trade…
- Sell Stop Order: 1.06720
- Stop Loss: 1.06995
- Take Profit: 1.06150
- 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 has a High impact news event today. It is a “Tentative” news event. Thus, we have to keep our eyes on the Forex Calendar to find out whether the news release gets over or not. We would only know once the news is released. If the signal comes after the news event, we are fine to go ahead to take the entry.
AUDNZD Price Action Analysis – 30th April 2018
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