AUDNZD has been bearish on the H4 chart. Yesterday’s daily candle closed with a strong bearish tone. The price stalled at the support level where the price had a bounce earlier. As expected, the price has had an upside correction. A level of flipped resistance holds the price and may continue being a level of resistance. If the level produces an H4 bearish engulfing candle and makes a breakout at yesterday’s lowest low, the sellers may find an opportunity to go short on the pair later today. Let us have a look at the H4 AUDNZD chart.
This trade idea was generated by our powerful Elite Swing Trader System.
The price landed at the level of 1.06570 and started having consolidation. The last H4 candle came out as a bullish engulfing candle but the candle closed within the level of 1.06795. This is the level where the price had bounced off twice. The level has a strong potential to hold the price and produce an H4 bearish reversal candle. If the price then continues going towards the South and makes a breakout at the level of 1.06570, the sellers shall wait for an H1 consolidation and H1 bearish engulfing candle at the breakout level to take a short entry. Trade Summary Below…
- Sell Stop Order: 1.06623
- Stop Loss: 1.06901
- Take Profit: 1.06328
The pair produces an H4 bullish engulfing candle at a strong level of support. However, I assume the trend is still bearish since there has been a down-trending Trend Line, which is still in play. If the price makes a breakout there, the price may change its direction.
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