NZDJPY has been bullish on the H4 chart. The pair, after having a consolidation on the daily chart has been heading towards the North. Today’s first H4 candle came out as an H4 bullish engulfing candle followed by another big bullish H4 candle. Thus, going long after a pullback would get us some green pips. Let us have a look at the H4-NZDJPY chart.
This is another trade idea generated by the Elite Swing Trader.
The chart shows that today’s fist H4 candle engulfed the last one. The very next candle breached the level of 72.385 which was a level of resistance. The price did react to the level a number of times as well. If the price comes back to the breakout level and produces another H4 bullish engulfing candle breaching today’s highest high (72.605), then the price might continue heading towards the North with good buying momentum. There is a strong resistance nearby. However, the risk and reward is good even if we set our Take Profit at that level. Let us have a look at the summary of the trade…
- Buy Stop Order: 72.636
- Stop Loss: 72.286
- Take Profit: 72.917
This is the first trading day of the current week. Despite being Monday, it seems that a number of pairs are having enough liquidity. Especially, all the JPY pairs look to be very vibrant today. It indicates that this may come as a very good week for trading. Let us hope that other pairs get enough liquidity along with the JPY pairs.
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