AUDNZD has been bullish on the daily chart for the last two trading days. Yesterday’s daily candle came out as a bullish candle, which set a strong bullish tone in the H4 chart. The H4 chart shows that the price has been in consolidation. There is a flipped level of support nearby. If the level produces a bullish reversal candle, the buyers may get an opportunity to go long if it makes a breakout at the wave’s highest high.
This trade idea was generated by our powerful Elite Swing Trader System on an H4 time frame.
The chart shows that the price made a strong bullish move upon producing a double bottom. On its way, it made a breakout at 1.05950. It had a rejection at 1.06320. It produced a bearish engulfing candle closing within 1.05950. As of writing, the price gets bullish around the level. The level may hold the price as a level of support and produce a bullish reversal candle. If the level produces a bullish reversal candle, the buyers may go long above the level of 1.06320. Let us have a look at the summary of the trade…
- Buy Stop: 1.06313
- Stop Loss: 1.05667
- Take Profit: 1.06950
Yesterday’s daily candle closed above daily resistance. Thus, the pair may make a new high on the daily chart. This allows the buyers to hold their position and make more positions. The buyers may consider taking a partial profit at the take profit level in this trade setup. The price may find its next resistance at 1.08500 on the daily chart.
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