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AUD/NZD: Bearish breakout followed by a bullish correction, what is next?

AUD/NZD has been bearish on the daily chart for the last four trading days. Yesterday’s candle came out as a doji candle having a little bearish body. Today’s H1 chart shows that the price made a breakout at yesterday’s lowest low. The price has been in a bullish correction now. The breakout level may work as flipped resistance and produce a bearish reversal candle to offer a short entry to the sellers.

Chart 1 AUD/NZD H1 Chart

The chart shows that the price produced a double top and headed towards the neckline level at 1.07080. It made a breakout at that level and produced one more bearish candle after the breakout. It then found its support and produced a bullish inside bar. Since then it has been heading towards the breakout level again. If the breakout level produces a bearish reversal candle, the sellers may go short below the level of 1.06745.

Trade Summary

Entry: Sell below 1.06745
Stop Loss: Above 1.07080
Take Profit 1: 1.06455
Take Profit 2: 1.06355
Take Profit 3: 1.06200

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Friday, 22 May, 2020 / 12:32

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