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AUDNZD H4(4 Hours) Chart Analysis – Heikin Ashi Candles, Downtrend Line Breakout, ADX Indicator, Two Strong Support Zones
On the H4 chart, based on the Heikin Ashi candles we can see that currently, we have strong bullish bodies in upward moving market conditions so it basically reflects a bullish environment. In addition to this, the price has broken above the most recent downtrend line and is holding above it. Also, we should note that the price which was in a bearish trend so far creating series of lower highs, lower lows has created higher highs for the first time in a while which we may consider as sign of a possible trend change. We may consider these as other evidences of bullish pressure. In addition to this, the ADX indicator gave a bullish signal here at the cross of +DI (green line) versus -DI (red line) and the main signal line (silver line) reads value over 25, we may consider this as yet another evidence of bullish pressure. Also, currently, there are no signs opposing this bullish view. In addition to this, we had two strong resistance zones that has formed and the price which was moving higher has broken above these zones and is holding above them. After the breakout these strong resistance zones are acting as two strong support zones for us. Until both these strong support zones shown in the image below (marked in green) holds my short term view remains bullish here and I expect the price to move higher further after pullbacks.
Trading Tips
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Arvinth Akash
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