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GBPNZD Price Action Analysis – 15th Aug 2017

GBPNZD has been choppy on the Daily chart. The H4 chart seemed to be bullish though. There was a good bullish move towards the North and then the price had some corrections as well. Moreover, there is a Double bottom at a very important level of support on the H4 chart. This means the pair might offer us a long entry later today. Let us have a look at the H4 GBPNZD chart…

See the level of 1.77450 has been held by number of H4 candles. It seems that the price has already produced a Doji candle. If we get an H4 bullish candle from right at this level, then a breakout at 1.78000 would attract the buyers to buy the pairs as far as the H4 chart is concerned. Let us have a look at the summary of the trade…

• Buy Stop Order: 1.78000
• Stop Loss Level: 1.77200
• Take Profit Target: 1.79800
• Validity: 72 hours
• Whenever possible, move the stop loss to the entry price and whenever you want, you can take profit anytime as long as you feel comfortable

This level of support is very significant. However, it did not produce an H4 Engulfing candle at the first place. This means buyers were little confused there. Now that it is going to form a Double top. This would attract the buyers again. Then again, it is important that the Neckline of the Double top is breached. Otherwise, it cannot be assumed as a Double top. At the first place, just an Engulfing candle would do, but over here a breakout along with an H4 Engulfing candle is needed to take the long entry according to this trade setup. You can also take a look at our previous (and most likely profitable) Free Forex Trading Signals Here. We hope that you enjoy our Free Forex Trading Signal today:  GBPNZD Price Action Analysis – 15th Aug 2017 [thrive_link color='green' link='https://www.forexstrategieswork.com/the-price-action-club/' target='_blank' size='big' align='aligncenter']Join The Price Action Club Here...[/thrive_link]