Elite Swing Trader NZDJPY – 6th June 2019
NZDJPY has been heading towards the North after being very bearish for a long time on the daily chart. The bullish momentum has not been that good though. Nevertheless, the price has already made some upside breakouts and continued to go upwards which may attract the buyers to look for forthcoming buying opportunities. 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 the price has already made an ABC pattern to go towards the North. On its way, it made a breakout at the level of 71.590 and went up to the level of 71.970. The price then started having a correction. As assumed that the level of 71.590 may be held and play an important role here. The level has been held by the price so far. If it ends up producing an H4 bullish reversal candle and an H1 breakout at 71.970 afterwards, then the price would head towards the level of 72.610 without having that many pauses. Let us have a look at the summary of the trade…
- Buy Stop: 72.016
- Stop Loss: 71.576
- Take Profit: 72.580
Today’s first H4 candle came out as a bearish one with a strong rejection from the support level. The current candle’s price may go up to the level again. As things stand, we may have to wait for one more H4 candle to be the H4 bullish reversal candle. This means the signal may come after the London open, however, most probably it would come before the New York open.
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