AUD/NZD has been bullish in the daily chart. The pair produced a doji candle in the daily chart yesterday. Today’s price action suggests that the price may get bullish, and it may make the pair produce another bullish daily candle. If that happens, the pair may continue its bullish move for some days. The H4 chart shows that the price produced a bullish engulfing candle at a key level of support. If the price makes a bullish breakout at consolidation resistance, the buyers may go long and push the price towards the North further.
Chart 1 AUD/NZD H4 Chart
The chart shows that the price has been in consolidation within two horizontal levels of 1.08440 to 1.07990. The level of support has produced a bullish engulfing candle. If the price makes a breakout at the level of 1.08440, buyers may go long and push the price towards the level of 1.09065.
Trade Summary:
Entry: Buy above 1.08440
Stop Loss: Below 1.08000
Take Profit 1: 1.09065
Take Profit 2: 1.09400
Take Profit 3: 1.09965