NZDCAD has been bullish on the H4 chart. The price has kept making higher highs by making breakouts. The pair made a breakout yesterday as well. As things look, the price has been on a consolidation. If the price produces an H4 bullish engulfing candle and makes another breakout towards the North, then buying the pair would get us some green pips. Let us have a look at the H4 NZDCAD chart.
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The chart clearly shows that H4 candles have kept making higher highs. Yesterday’s one of the candles made a breakout at the level of 0.92435. However, the level of 0.92540 seems to be held by the price. If this level is held and we get an H4 bullish engulfing candle followed by an H1 breakout at the level of 0.92765, then the price would head towards the level of 0.93125 without having that many pauses. Let us have a look at the summary of the trade…
- Buy Stop Order: 0.92731
- Stop Loss: Below 0.92170
- Take Profit: 0.93200
Today’s start of the market seems to be good. A number of pairs have started the day by having a good amount of liquidity. I assume it would be a good day for the traders where many intraday entries as well as H4 entries will be offered. This means rest of the days of this week which apparently rest of the days of this month too would help traders have a good month of trading in the end.
A More Conservative Trading Approach to this Signal in NZDCAD
If you want to have a more conservative approach, you can wait for the pull back to happen and then only get in at a better price point. This is a pull back trade and we will wait for the price to come to us instead of chasing the price.
- Buy Limit Order: 0.92170
- Stop Loss: Below 0.91793
- Take Profit: 0.92731
And that’s it. You can choose either trading approach or enter both as pending order. I wish you well in this trade.
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