NZDUSD has made a breakout at a support level which has been held for a long time. The sellers were waiting for the price to get a breakout to go short on the pair. Now that the breakout has taken place, the sellers shall have to wait for a pullback and an H1 bearish reversal candle to sell the pair with a good risk and reward ratio. Let us have a look at the H4 NZDUSD chart…
This trade idea was generated by our powerful Elite Swing Trader System.
Today’s second H4 candle came out as a strong bearish candle which breached through the level of 0.63230. The breakout candle looks strong and commanding. The sellers shall wait for the price to make an upward correction. If the price goes back to the breakout level, then an H1 bearish engulfing candle right there would be the signal to go short on the pair. Let us have a look at the summary of the trade…
- Sell Stop Order: 0.63058
- Stop Loss: 0.63470
- Take Profit: 0.62500
NZDUSD traders were eyeing on the pair for a long time to get a breakout. It could have gone either way. At last the H4 sellers got the breakout. Now the daily traders would be eying to get a daily breakout. If that takes place, then the pair would be bearish for some weeks at least. All these equations depend on the H4 chart though. If the pullback and the signal candle take place as expected, then the sellers may control the game in NZDUSD.
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