GBPNZD was up trending by obeying an equidistant channel. The price made an upside breakout. This means it has become more bullish. The price has been having a correction at the moment. If we get an H4 bullish reversal candle followed by an H1 breakout at yesterday’s highest high, then going long on the pair would get us some green pips. Let us have a look at the H4 GBPNZD chart.
This trade idea was generate by our powerful Elite Swing Trader System.
The price went up to the level of 1.92515 and started having correction. The level of 1.91200 is working as the level of support. If the level is held and produces an H4 bullish reversal candle, then an H1 breakout at the level of 1.92515 would be the signal to go long on the pair. Let us have a look at the summary of the trade…
- Buy Limit Order: 1.90276
- Stop Loss: 1.88845
- Take Profit: 1.91658
There is enough space towards the North for the price to travel. Thus, it may make the buyers to keep holding their positions until a strong rejection comes from a level of resistance. On the daily chart, the highest high is at 1.98800 zone. I would not be surprised if the price heads towards the level. It is a long way to go. Thus, taking partial profit at our set target area and let the rest of the trade run to hit the highest high on the daily chart would be a good idea and more rewarding.
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