NZDUSD has been bullish on the H4 chart. The price has been moving towards the North for the last three trading days. However, the price has been on a consolidation since yesterday. It is approaching a level which has the potential to be a strong level of support. In fact, the level has already produced a bullish engulfing H4 candle. Thus, buyers are going to go long if there is anymore breakout at the resistance level of the consolidation zone. Let us have a look at the H4 NZDUSD chart.
This is another trade idea generated by the Elite Swing Trader.
The level of 0.65550 is the level of resistance and the level of 0.65380 is the level of support here. There has been a bullish engulfing candle already at the support level. Thus, H4 traders may wait for an H1 breakout at the level of resistance of the consolidation zone to go long on the pair. Summary of the trade…
- Buy Stop: 0.65597
- Stop Loss: 0.65389
- Take Profit: 0.66086
Tip of the Day: If we have a closer look, we see that there is actually a morning star has been produced. This is a pattern which is produced by a combination of three candles. The first candle will be a bearish candle, the second one will either be a doji or a tiny bullish or bearish (if there is any gap after the first candle), the last candle has to be a bullish candle closing below the first candle. This is a very strong bullish reversal candle as far as Japanese candlestick pattern is concerned.
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