GBPNZD Price Action Analysis – 2nd Jan 2019
GBPNZD has been bullish on the H4 chart. The price has been obeying an up trending channel and making new higher highs. On the last trading day, the H4 chart produced two good-looking bullish H4 candles as well as a corrective H4 bearish candle. This means the pair looks all set to offer the buyers another long entry. Let us have a look at the H4 GBPNZD chart.
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The level of 1.89610 was a level of strong resistance. The price had rejection twice from that level. However, the level got broken and the price quickly came back to the level to have a correction. If the level is held and it ends up producing an H4 bullish engulfing candle, then an H1 breakout at 1.91145 would lead the price to go towards the level of 1.93600. Let us have a look at the summary of the trade…
- Entry: H1 breakout at 1.91145
- Stop loss: Below 1.89610
- Take profit: 1.93600
It is going to be the first trading day of the year 2019. The last trading day of 2018 was a good day. I assume we are going to have a happening day today as well. Let us hope that 2019 comes out a happening year in the Forex market with huge liquidity, more breakouts, confirmation and solid signal candle. At the end of the day, as a Forex trader these are what we would love to get from the Forex market. We are wishing everyone a very happy new year.
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