AUDNZD has been on a consolidation after being bearish on the H4 chart. The price is at the level which has potential to be a level of resistance and makes the pair take another bearish ride. Yesterday’s first H4 candle was a bullish candle and today’s first H4 candle seems to be a doji. Yesterday’s closing line and today’s opening line both at that level, which might play an important role to drive the price down. Let us have a look at the H4 AUDNZD chart.
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AUDNZD Price Action Analysis – 19th Dec 2018
The H4 chart, in fact, produced a head and shoulder pattern here. The price came down up the level of 1.04495 with strong selling momentum. Then, the price has started having consolidation. The level of 1.04885 is the level, which has to be held as the level of resistance and produce an H4 bearish engulfing candle. Then, an H1 breakout at 1.04495 would be the signal for the sellers to take a short entry. Summary of the trade…
- Entry: H1 breakout at 1.04495
- Stop loss: Above 1.04885 or today’s higher high
- Take Profit: 1.03940
- 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
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We are at the very end of the year 2018. The last week of a year goes very slow. In fact, the Forex market starts getting slow during this time of the year. However, this year it still looks good. Let us hope it stays like this for at least another week. Another thing, make sure you do not leave your intraday opened position during the holidays.
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