GBPNZD Price Action Analysis – 7th August 2018
GBPNZD has been within a range for a long time on the H4 chart. However, from a strong level of Resistance, the pair produced a Bearish Engulfing H4 candle. Yesterday the price had a bounce from a level of Support, which is also a level of Support on the Daily chart. The price has been trying to go downwards from an intraday level of Resistance. If that level of Resistance is held and produces an H4 Bearish Engulfing Candle and we get an H1 breakout at yesterday’s lower low, then selling the pair would get us some green pips. Let us have a look at the H4 GBPNZD chart.
The level of 1.92375 has the potential to be the intraday Resistance. If this level produces an H4 Bearish Engulfing candle and afterwards we get an H1 breakout at the level of 1.91950, then the price would head towards the level of 1.91300 without having that many pauses. Let us have a look at the summary of the trade…
- Sell Stop Order: 1.91950
- Stop loss: 1.92375
- Take Profit: 1.91300
- 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
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None of the currency of this pair has any high impact news event today. Thus, the signal could come at any time. However, the best signal would be if it comes between GMT 11.00 to 14.00. It would attract more sellers and eventually it would lead the pair to have more liquidity. If the signal comes later than that the signal is still valid, but the price might get a bit sluggish to hit the target.
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