GBPNZD produced a strong bearish daily candle yesterday on the daily chart. The H4 chart shows that an H4 candle made a breakout at a support level which was the lowest low of the last bearish wave. As things stand with the H4 and the daily charts, the sellers may take control in GBPNZD. Let us have a look at the H4 GBPNZD chart.
This is another trade idea generated by the Elite Swing Trader.
The last H4 bearish candle breached through the level of 1.83690. This was the level where the price had a bounce earlier. The breaching candle looks very commanding. The sellers are going to wait for a pullback up to the broken level. If the price goes back to the level of 1.83690 and produces an H4 bearish reversal candle, then sellers may drive the price towards the level of 1.81050. Let us have a look at the summary of the trade…
- Sell Stop Order: 1.82797
- Stop Loss: 1.82797
- Take Profit: 1.81050
Since the breakout candle came far down, so it might take two bullish candles for the price to go up to the breakout level. With the reversal candle, altogether three H4 candles are needed to produce the sell signal. Traders must wait for the price to make a full-wave correction and get an H4 bearish reversal candle at the breakout level. A full-wave correction and a good reversal candle always bring more liquidity and that eventually helps traders to achieve their target.
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