AUDNZD Analysis- Long Positions

OANDA:AUDNZD   Australian Dollar / New Zealand Dollar
On the 4H timeframe, price seems to be respecting the previous resistance level around 1.0750 on the 27th April. During the Asia trading session on the 13th April, we can see a strong 4 hourly candle which rose by around 130 pips which is a large bullish movement relative to daily volatility for this pair. This previous resistance level now seems to be acting as support on the 4 hourly timeframe, as there have been no candle closes below the previous swing high. One possible long position could be after the close of the currently daily candle, to see if any bearish pressure will cause the daily candle to close below this support area . Entries may be more suited after 11PM GMT when the spreads are lower, as all banking institutions are closed between 9PM and 11PM GMT . A potential target for this pair may be the previous swing high on the 4H back on November 5th (1.0860 region). A stop loss could be placed in the 1.0660 region, as this area showed short term resistance before the break on the 13th April, offering a 1:1.5 Risk: Reward ratio.


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