I’ve been mention this pairs on Nov 18th. Price has passed through above on the daily chart with the old resistance level now act as the new support level and this pair still on my radar. On Friday, price on AUDNZD formed daily engulfing bar and engulf previous three days. I will treat this action as a Breakout Engulfing Bar and decide to open one long pending order with the stop loss below the daily engulfing bar and targeting 1.1130. I only open one order on the breakout, but if you have another trading plan, you can consider open two pending order with the second target around 1.1275.
OP: buy stop 1.1045, SL: 1.0904, TP: 1.1130
- I will cancelled the order if price moves below and pass through the low of the engulfing bar
- If you decide to open 2 long positions, the second target is around 1.1275
AUD/NZD daily chart