AUDNZD Price Action Analysis – 5th June 2018
AUDNZD has been Bullish on the H4 chart. The pair produced a Bearish H4 candle and then it produced a Bullish reversal candle. We now have to wait for an H4 breakout towards the upside. If we get the breakout and the breakout level is held then, we might get an opportunity to take a long entry on the pair later today.
The price had a rejection from the level of 1.08410 and the Bullish Reversal candle looks good to push the price further up. If the current H4 candle makes a breakout at the level of 1.08785 and the breakout level is held by the next H4 candle, then we will wait for an H1 Bullish Reversal candle right at the breakout level to take the long entry. Let us have a look at the summary of the trade…
- Entry- H1 Bullish Reversal Candle at the breakout level of 1.08785 after the H4 breakout
- Stop loss- Below 1.08410
- Take profit- 1.09580
- 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
RBA had a high impact news event to start the trading day today. The price is held by the Support level even after the news event. Thus, this level might play a very important role on this pair today even afterwards. Let us now wait for the breakout and the confirmation of the breakout by H4 candles. If they take place, then an H1 signal candle right on the breakout level would be a great signal considering all the fundamental factors of the AUD and the NZD.
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