AUDNZD has been in a range on the H4 chart. The first H4 candle today came out as a Bullish candle, but the next one came out as a strong Bearish candle. The current candle has been trying to make a breakout towards the downside. If the breakout happens and we get an H1 Bearish Engulfing candle at the time of retracement, then selling the pair would get us some green pips. Let us have a look at the H4-AUDNZD chart.
Have a look at today’s first H4 candle. That candle has been engulfed by the next H4 candle. The level of 1.06100 is the key level here. If the current candle finishes below this line, then we have to wait for the next H4 candle to make the correction. Once the correction is done, we then wait for an H1 Bearish Engulfing candle to be produced right at that level to take the short entry. Let us have a look at the summary of the trade…
- Entry- H1 Bearish Engulfing Candle at 1.06100
- Stop loss- Above 1.06310
- Take profit- 1.05500
- 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
The last month was good for the Forex traders. We saw many breakouts on big time frames. I assume April is going to be good for the Forex traders as well. Thus, traders fasten your seat belt and concentrate on your trading charts. Trade accordingly and make green pips before the market goes quiet during the summer holiday. Work hard in these two months, it will surely payback.
AUDNZD Price Action Analysis – 2nd April 2018
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