AUDNZD had a bullish day yesterday. The price has been heading towards the North by making an upside breakout upon consolidation on the H4 chart. The price has had consolidation and it seems that it has found its support. The current H4 candle may end up making a breakout at the highest high of the wave. If that happens, an H1 bullish engulfing candle at the breakout level would be the signal to go long 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 AUDNZD – 30th Oct 2019
The chart shows that the price has been heading towards the North with good buying momentum. The price had a rejection at the level of 1.07975 and had a bounce at the level of 1.07775. As of writing, the current H4 candle has been very bullish and the price has made a breakout on minor time frames. If we get an H1 bullish engulfing candle at the level of 1.07975, the price may head towards the level of 1.08300 with good buying momentum. Let us have a look at the summary of the trade…
- Buy Stop Order: 1.08042
- Stop Loss: Below 1.07759
- Take Profit: 1.08373
The price is at a strong resistance zone as far as the daily chart is concerned. The H4 price action suggests that the price may make a breakout at the daily resistance as well. We must wait to find out how it ends at the end. Meanwhile, the H4 buyers shall set their Take Profit level sensibly and come out with their profit.
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