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[FOREX TIP] EURAUD Price Action Analysis – 22nd August 2018

EURAUD had a long consolidation on the Day chart. Then, the price seemed to make a breakout towards the downside. However, the price did not go towards the South. In fact, it seems that the Daily chart is about to produce a Double Bottom at a very critical level of Support. The Double Top would be confirmed if we get a breakout at the Neckline of the Double Top. Let us have a look at the Daily EURAUD chart.

EURAUD Price Action Analysis – 22nd August 2018

The level of 1.56045 is the level of Support here. As we see, the price had an upward move towards the South from there, and then came back. After producing a Bullish Pinbar Daily candle, today’s Daily candle has been a very strong Bullish candle so far. This means a breakout at the level of 1.57320 would lead the price to go towards the level of 1.59400 in coming days. Let us have a look at the summary of the trade…

• Buy Stop Order: 1.57320
• Stop Loss: 1.56045
• Take Profit: 1.59400
• 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

We must remember that this trade setup is based on the Daily chart. It might take 4 to 5 trading days to hit the target. This means we might even have to leave the trade during the next weekend. In a word, we have to be extremely patient to achieve the target. Another thing, since it takes many pips to set the Stop loss, so the trading lot should be tinier than our usual trading lot.

 

The post EURAUD Price Action Analysis – 22nd August 2018 appeared first on Advanced Forex Strategies.

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[FOREX TIP] NZDJPY Price Action Analysis – 21st August 2018

NZDJPY has been trying to make a move towards the North on the H4 chart. However, the Daily trend is still Bearish and the price is right at the Down trending Trendline’s Resistance. If we get an upside breakout at that level by an H1 candle first and then and H4 candle, there is a strong possibility that we would get a Daily breakout at that Trendline at the end of today’s trading day. Anyway let us have a look at the H4 NZDJPY chart now.

NZDJPY Price Action Analysis – 21st August 2018

 

The Horizontal Resistance level of 73.400 actually a Dynamic Resistance level. The Trendline’s Resistance lies here as well. We already have had an H4 Bullish Engulfing Candle. If we get an H1 breakout at the level of 73.400, then the price would head towards the level of 74.260 without having that many pauses. In fact, it would travel even further if a Daily breakout takes place. Let us have a look at the summary of the trade…

• Buy Stop Order: 73.400
• Stop loss:  72.867
• Take Profit: 74.260
• 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

It might be a Trend changing day on the Daily chart. Thus, if things go according to our expectation, then it would be a strong Bullish day for NZDJPY. It is an important thing to remember that a Daily breakout day has a very strong impact on the market. A number of Stop losses and Take profits are set there. Thus, a pair gets huge liquidity when a Daily breakout takes place.

 

The post NZDJPY Price Action Analysis – 21st August 2018 appeared first on Advanced Forex Strategies.

from Advanced Forex Strategies

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