AUDNZD has been bullish on the H4 chart. The price has been heading towards the North by making upside breakouts. Yesterday’s daily candle came out as a bullish candle as well with a bit of rejection from the upside. This has made the pair be on consolidation. The price seems to have challenged yesterday’s highest high. If the price continues to push towards the North and makes an H4 breakout at yesterday’s highest high, then the buyers may have another opportunity to go long on the pair later today. Let us have a look at the H4 AUDNZD chart.
This trade idea was generate by our powerful Elite Swing Trader System.
The level of 1.05945 is yesterday’s highest high. The price had a rejection from there. The level of 1.05695 is working as the support level. The price action has been bullish after having a bounce on the support level as far as intraday charts are concerned. If the price keeps pushing towards the North and makes a breakout at yesterday’s highest high, then an H1 bullish engulfing candle at the pullback would be the signal to go long on the pair. Let us have a look at the summary of the trade…
- Buy Stop Order: 1.06103
- Stop Loss: 1.05602
- Take Profit: 1.06600
Risk and reward ratio looks good here. Good risk and reward ratio brings more liquidity. Good liquidity helps the price hit the target quicker than usual. I assume if things go according to the trade setup that we have shared here; the price may hit the target quickly.
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