Free Forex Trade Signals NZDJPY – 20th Nov 2019
NZDJPY had a bullish day yesterday. However, today’s price action has been bearish on the H4 chart. The first H4 candle today came out as a bearish Marubozu candle. As of writing, the current H4 candle has been a bullish Inside Bar. Thus, if the pair produces an H4 bearish reversal candle, an H1 breakout at today’s lowest low would be the signal to go short on the pair. Let us have a look at the H4 NZDJPY chart.
This trade idea was generated by our powerful Elite Swing Trader System.
The price came down up to the level of 69.465 today. After having a bounce, it has been having an upward correction. The level of 69.640 holds the price as a level of resistance. If the level keeps holding the price and produces an H4 bearish reversal candle, a short entry may be triggered upon an H1 breakout at the level of 69.465. Let us have a look at the summary of the trade…
- Sell Stop Order: 69.419
- Stop Loss: 69.650
- Take Profit: 69.202
The price action on the daily chart has been choppy. It has been within a horizontal range for quite a few days. The level of support of the range lies further down. Thus, the price may go towards support again. However, since the daily traders may not go short here, thus, the H4 traders may come out with the profit at the level where the price had its last significant bounce. On another note, keep an eye on the daily chart closely; the next daily breakout is going to be a very strong one.
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