AUDNZD has been trying to go upward. The momentum has not been strong, but the price has kept making higher highs on the H4 chart. By looking at today’s price action, it seems that the pair might take a ride towards the North by offering us a long entry. Let us have a look at the H4 AUDNZD chart.
Have a look at today’s price action. First two H4 candles came out as Bullish candles. One of them made a breakout at the level of 1.09365. This level has to be held by the current H4 candle. If it is held and later it produces an H1 Bullish Engulfing candle right at the breakout level, then the price would head towards the level of 1.10160 without having that many pauses. Let us have a look at the summary of the trade…
- Buy Limit Order: 1.09365
- Stop Loss: 1.09120
- Take Profit: 1.10160
- 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
This trade setup is based on the ABC chart pattern. It offers an excellent risk and reward ratio with a good winning rate. The key to trade on this chart pattern is breakout and the signal candle to be formed right at the breakout level. It is often seen that an H1 Engulfing candle is produced above the breakout level. It is better to avoid that kind of entry. We must wait until the price produces an H1 Bullish Engulfing candle right at the breakout level. In today’s setup, it is at the level of 1.09365.
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