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AUD/NZD: The buyers are to keep their eyes on the breakout level

EagleFX

AUD/NZD has been bullish in the daily chart. The price consolidated and produced a bullish reversal candle yesterday. The H1 chart shows that the price made a breakout at yesterday’s highest high and traded above the level for several candles. The price has been having a bearish correction. If the breakout level holds the price and produces a bullish reversal candle, the buyers may find an opportunity to go long in the pair and push the price towards the North further.

Chart 1 AUD/NZD H1 Chart


The chart shows that the price made a breakout at the level of 1.07870 by a candle with the long bullish body. The price then continued its journey towards the North for two more candles and found its resistance. Upon producing a bearish engulfing candle, it has been heading towards the South. If the breakout level produces a bullish reversal candle, the buyers may go long above the level of 1.07900.

Trade Summary:

Entry: Buy above 1.07900

Stop Loss: Below 1.07870

Take Profit 1: 1.08175

Take Profit 2: 1.08265

Take Profit 3: 1.08400

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