Noob Currency Trader: 10/23/19

Wednesday, October 23, 2019

[FOREX TIP] Free Forex Trade Signals AUDNZD – 24th Oct 2019

AUDNZD has been bearish on the H4 chart. Yesterday’s daily candle closed with a strong bearish tone. The price stalled at the support level where the price had a bounce earlier. As expected, the price has had an upside correction. A level of flipped resistance holds the price and may continue being a level of resistance. If the level produces an H4 bearish engulfing candle and makes a breakout at yesterday’s lowest low, the sellers may find an opportunity to go short on the pair later today. Let us have a look at the H4 AUDNZD chart.

This trade idea was generated by our powerful Elite Swing Trader System.

Free Forex Trade Signals AUDUSD – 23rd Oct 2019

The price landed at the level of 1.06570 and started having consolidation. The last H4 candle came out as a bullish engulfing candle but the candle closed within the level of 1.06795. This is the level where the price had bounced off twice. The level has a strong potential to hold the price and produce an H4 bearish reversal candle. If the price then continues going towards the South and makes a breakout at the level of 1.06570, the sellers shall wait for an H1 consolidation and H1 bearish engulfing candle at the breakout level to take a short entry. Trade Summary Below…

Entry: H1 bearish engulfing candle at 1.06570 after a breakout
Stop Loss: Above 1.06795
Take Profit: 1.06217

The pair produces an H4 bullish engulfing candle at a strong level of support. However, I assume the trend is still bearish since there has been a down-trending Trend Line, which is still in play. If the price makes a breakout there, the price may change its direction.

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The post Free Forex Trade Signals AUDNZD – 24th Oct 2019 appeared first on Advanced Forex Strategies.

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[FOREX TIP] Free Forex Trade Signals AUDUSD – 23rd Oct 2019

AUDUSD seems to have had a rejection at resistance on the daily chart. The H4 chart shows that the price has been heading towards the South. One of the H4 candles has made a breakout as well. If the price on the H1 chart consolidates and makes another breakout with an H1 bearish candle at today’s lowest low, selling the pair may get us some green pips. Let us have a look at the H4 AUDUSD chart.

This trade idea was generated by our powerful Elite Swing Trader System.

Free Forex Trade Signals AUDUSD – 23rd Oct 2019

The H4 chart shows that the price after having a rejection at the level of 0.68800 has been heading towards the downside. After having another consolidation, an H4 candle has made a breakout at the support level of the consolidation zone. If the price confirms the breakout on the H1 chart; produces an H1 bearish engulfing breaching the level of 0.68345, the price may head towards the level of 0.68050 without having that many pauses. Let us have a look at the summary of the trade

Sell Stop Order: 0.68337
Stop Loss: 0.68542
Take Profit: 0.68022

Since the price seems to be bearish from a daily resistance, it may end up being a very big move. Taking partial profit may be a good option for the sellers to grab some extra pips. As things stand with AUDUSD, the price may keep going towards the South up to the level of 0.67000 where it came from. It is a long way to go, but this is very much on the card.