NZDUSD has been heading towards the South with good selling pressure. The price had a bearish day last Friday. The price seems to have found a level of support where it has started having a correction on the H4 chart. There is a crucial level nearby which has the potential to be a level of resistance. If the level is held and produces an H4 bearish reversal candle followed by an H1 breakout at Friday’s lowest low, the sellers may make some green pips by selling the pair. Let us have a look at the H4 NZDUSD chart. This trade idea was generated by our powerful Elite Swing Trader System.

The level of 0.62765 is a Fibonacci level which may hold the H4 candles. If the level ends up producing an H4 bearish engulfing candle, then an H1 breakout at the level of 0.62505 would be signal to sell the pair. There is enough space for the price to travel. However, the level of 0.62110 may work as the next significant level of support on the H4 chart. Let us have a look at the summary of the trade...

• Sell Stop Order: 0.62539
• Stop Loss: 0.62800
• Take Profit: 0.61423

The level that we are anticipating to be held is a Fibonacci level. In the financial markets, Fibonacci levels play a very vital role. Especially, the combination of Candle Stick Pattern and Fibonacci is one of the most favorites among the price action traders. Traders need to have well-acquainted knowledge about Fibonacci levels, retracement, and expansion to be able to make consistent profit by trading, 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.