AUDNZD after being on a consolidation for a long time made a strong Bullish move on the H4 chart. The pair made a strong breakout towards the upside as well. Now the thing to watch would be whether the breakout level is held by the current H4 candle first and then whether it produces an H1 Bullish Engulfing Candle right at the breakout level. If it does, then we would be able to make some green pips by buying the pair later today. Let us have a look at the AUDNZD chart…
AUDNZD Price Action Analysis – 4th May 2018
Have a look at that huge Bullish H4 candle. It broke the Resistance level of 1.07230 and closed above it. If the current H4 candle is held by this level and the level produces an H1 Bullish Engulfing Candle later, then the price would reach the level of 1.07900 without having too many pauses. Let us have a look at the summary of the trade…
- Buy Limit Order: 1.07230
- Stop Loss: 1.06795
- Take Profit: 1.07900
- 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
“Non-Farm Employment change” and “Unemployment rate” data are to be released today at GMT 13.30. These two events usually shake the whole Forex market. Thus, if the signal comes at least 3 / 4 hours early and runs on a good profit, it would be wise to take some profit out. If it comes just an hour before, we might as well not take the entry. If it comes after the news event, it would be an excellent entry.
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