Audnzdlong
AUDNZD | Bullish Structure 💡- The trade can be a slow burner, but it has the potential to continue a bullish move since it's trending towards the upside on most higher time frames.
- We are seeing a 4-hour bullish engulfing candle formation in process, suggesting bull power in the market as well as a recent MA crossover.
- If resistance will be broken, we could potentially see a push > exhaustion scenario before a continuation move up.
LONG ON AUD/NZDPrice is in a major uptrend and has broken a major resistance level and had retested that level with a double top pattern.
Once price breaks above the neckline of the double bottom it should continue rising.
Here is the play I will be taking on this pair:
P = 1.10457
SL = 1.09789 - 63 PIPS
TP = 1.11296 - 84 PIPS
AUDNZD we can see break of bullish structure. Price formed higher highs and higher lows. It then created strong bearish candle that broke trendline and also created new lower low. Soon after price failed to push through the previous high and created new lower high. Price then confirmed the reversal with break of previous lower low level.