We’ve been following a Bullish signal that formed off the daily chart, but unfortunately was taken out due to some volatility caused by some heavy New Zealand data releases.

In the wake of that event a new bullish signal has formed which has provided a second chance bullish opportunity.

The large, thick bodies Bullish Rejection candle is a reversal signal that has formed off this level marked on the chart above, which is actually a very strong level on the weekly chart.

These weekly levels generally have a high impact on price action, and are where high probability reversals can be targeted.

A restracement entry, if possible, will provide a tighter stop and double the return potential compared to the late daily signal.

It is hard to find good trades in these slow summer trading conditions, lets see how this one plays out.

Best of luck on the charts everybody.

The post AUDNZD 4 Hour Bullish Rejection Off A Weekly Level appeared first on The Forex Guy's Price Action Trading Strategies.