AUDNZD | Long Trade Setup
hello everyone & Happy Monday! :))
There are multiple reasons why I like this setup:
- It's trending towards the upside on the main higher time frames, crossing all the moving averages.
- On a weekly time frame, we had a closure of a bullish engulfing candlestick which formed a new high.
- On 1-hour & 4-hour tf > the price has crossed all MA's and they nicely covering our stop loss and we can see a nice break through the resistance zone, indicating bullish bias.
- The trade has the potential to go higher to re-test the 12-hour previous high.
- Some AUD news later this evening, might have some influence on the trade but I believe it won't change the bullish direction drastically.
There are multiple reasons why I like this setup:
- It's trending towards the upside on the main higher time frames, crossing all the moving averages.
- On a weekly time frame, we had a closure of a bullish engulfing candlestick which formed a new high.
- On 1-hour & 4-hour tf > the price has crossed all MA's and they nicely covering our stop loss and we can see a nice break through the resistance zone, indicating bullish bias.
- The trade has the potential to go higher to re-test the 12-hour previous high.
- Some AUD news later this evening, might have some influence on the trade but I believe it won't change the bullish direction drastically.
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