AUD/NZD: A full-wave correction may make the pair more bullish

EagleFX Team EagleFX

AUD/NZD has been bullish on the intraday charts today. The price after finding a support 1.0695 has gone towards yesterday’s highest high. On its way, it made a breakout at the level of 1.0741, which may play a significant role if the price comes back to the level to have a correction. If the level produces an H1 bullish engulfing candle closing above the level of 1.0755, the price may go towards the upside with good buying pressure. The next level of resistance may come at 1.0805.

Trade Summary:

Entry: Above 1.0755
Stop Loss: Below 1.0741
Take Profit 1: 1.0805
Take Profit 2: 1.0880

Please Note:

The price is to come back up to the level of 1.0741 to complete the correction.
It is to produce an H1 bullish engulfing candle
The candle is to close above the level of 1.0755

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Author

EagleFX Team

EagleFX

EagleFX Team is an international group of market analysts with skills in fundamental and technical analysis, applying several methods to assess the state and likelihood of price movements on Forex, Commodities, Indices, Metals and

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