NZDUSD produced an Inside Bar on the daily chart yesterday. The candle formed right at the resistance level, where the price had the last rejection. Today’s price action on the H4 chart has been bearish. The first H4 candle came out as a strong bearish candle. As of writing, the current H4 candle has been bullish so far. The price is roaming around at the level, where it has made a breakout by today’s first H4 candle. If the level holds, then going short below today’s lowest low may get us some green pips. Let us have a look at the H4 NZDUSD chart. This trade idea was generated by our powerful Elite Swing Trader System.

Today’s first H4 candle breached the level of 0.64080. The price has headed towards the breakout level for correction. If the level holds the current H4 candle and produces an H4 bearish engulfing candle closing below the level of 0.63940, the price may head towards the level of 0.63690 with good bearish momentum. Let us have a look at the summary of the trade...

• Sell Stop @ 0.63969

• TP @ 0.63733

• SL @ 0.64142

The price has breached an up-trending trend line as well on the H4 chart. Thus, the level is a dynamic resistance. Dynamic resistance with a strong bearish reversal candle usually creates extra selling pressure. Thus, the price may head towards the 0.63320. At the Take Profit level, a partial profit may be taken out and let the rest of it run to the level of 0.63320 to grab some extra green pips. For more trade ideas, join the Price Action Society... If you like our analysis and would like to receive 3 to 7 trade ideas per day, then Click here to learn more about the Price Action Society.