NZDUSD has been heading towards the South with good enough selling pressure on the H4 chart. The price had a correction as well. More to go with it, the chart has been trying to produce an H4 bearish engulfing candle from a significant level. This means an H1 breakout would ride the price towards the South further. Let us have a look at the H4 NZDUSD chart.
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After making a double top, the price has kept making lower lows on the H4 chart. The level of 0.67650 which was held by the price earlier as well came into play and made the price have a rejection. The next candle has come out as a bearish pinbar. The current candle has been a strong bearish candle so far. If it ends up being an engulfing candle, then an H1 breakout at the level of 0.67650 would lead the price towards the level of 0.67250. Let us have a look at the summary of the trade…
- Sell Stop Order: 0.67650
- Stop Loss: 0.67900
- Take Profit: 0.67250
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None of the currency of this pair has any high impact news event today. The reversal candle seems to be an engulfing H4 candle so far. This means if we get the breakout at our desired level, then it would be a good signal to take the entry. One thing we have to take care of, which is that the H1 breakout candle has to be a strong bearish candle with a very little or no spike from the downside.
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