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. We wish you good luck and good profit for this trade idea. For more trade ideas, join the Price Action Society... If you like our analysis and would like to receive 3 to 7 trade ideas per day, then Click here to learn more about the Price Action Society.