A few days back, this pair looked bullish. In fact, we had a bullish signal out for NZDUSD. The good thing about trading breakout is that although we were bullish, we did not get into position. Then the Bear decided to take over the show. NZDUSD has been bearish after producing a double top at a strong level of resistance. The price has started having a consolidation as well. This means NZDUSD sellers are going to wait for downside breakouts to go short on the pair. Let us have a look at the H4 NZDUSD chart.
This is another trade idea generated by the Elite Swing Trader.
The level of 0.65005 has been the level of support here, which has to be broken to attract the sellers again to sell off the pair. On the other hand, the level of 0.65175 is the support level, which has to produce an H4 bearish reversal candle followed by an H1 breakout candle at the support level. The current candle seems to be a bearish reversal candle. Let us wait and see how it ends. Summary of the trade…
- Sell Stop Order: 0.65048
- Stop Loss: 0.65265
- Take Profit: 0.64817
The range of the consolidation does not have that much space. Thus, an engulfing H4 candle might not close within the range’s resistance. If the candle closes below the support level, sellers should wait for an H1 consolidation. Same goes if we get an H4 inside bar as the reversal signal here. In both cases, we have to wait for the price to come back at the breakout level on the H1 chart. Then, it has to head towards the South by producing an H1 bearish engulfing candle. I assume sellers might have to wait for an H1 consolidation and an H1 bearish engulfing candle at the breakout level to take the entry.
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