NZDUSD had a bullish day yesterday. The H4 chart suggests that the price has started having a correction as well. On its way of correction, the first H4 candle came out as an inside bar bearish candle. If the price comes further down and gets the support from the level which seems to be a flip over support level, then a breakout at the last wave’s higher high would lead the price to go further up. Let us have a look at the H4 NZDUSD chart.
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As we see that the level of 0.67610 got broken by a massive H4 candle. The price went up to the level of 0.68060 and then it started having correction. If the price comes back to the level of 0.67610; it produces an H4 bullish engulfing candle and an H1 candle makes a breakout at the level of 0.68060, then buying the pair would get us some green pips. Let us have a look the summary of the trade…
- Entry: H1 breakout at 0.68060
- Stop loss: Below 0.67610
- Take profit: 0.68650
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Have a look at the first candle of correction; it is an inside bar bearish candle. It is better if the corrective wave starts with an inside bar. On the other hand, if a corrective wave starts with an engulfing candle, it ends up producing a new trend. That makes traders wait more. Today’s chart’s first H4 corrective candle is an inside bar too. Let us now wait and see whether things go according to our expectation.
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