AUDNZD: Sellers Waiting to get a Bearish Engulfing Candle

AUDNZD: Sellers Waiting to get a Bearish Engulfing Candle

AUD/NZD has been bearish on the daily chart for several days. The pair produced a strong bearish candle yesterday as well. Thus, today’s intraday sellers have kept driving the price towards the South. The price made a bearish breakout on the H1 chart. If the breakout level produces a bearish reversal at the correction, the sellers may go short to grab some green pips.

The chart shows that the price made a breakout at the level of 1.03305. The pair is trading below the level as of writing. If it goes back to the breakout level and produces a bearish engulfing candle closing below the level of 1.03155, the seller may trigger a short entry.

 

Trade Summary

Entry: Sell below 1.03155

Stop Loss: Above 1.03305

Take Profit 1: 1.02880

Take Profit 2: 1.02770

Take Profit 3: 1.02625

 

 

Source: FxStreet

 

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