NZDJPY Free Forex Trading Signals – 23rd March 2017
NZDJPY has been bearish since the beginning of this week. The pair seems to have found its resistance at 79.450. The price then has kept making lower low on the H4 time frame. There is a lot of room for the price to go further down. Thus, as far as the H4 chart is concerned NZDJPY might offer short entry soon. Let us have a look at the H4 chart to find out the levels that we need to keep our eyes on….
As we can see that, the price produced an H4 Engulfing candle and came up to the level of 77.960. The pair has produced some corrective H4 candles. The level of 78.470 has been working as a level of resistance. The price already has had some rejections from this level. If this level produces an H4 Engulfing candle, which breaks the level of 77.960, then selling the pair would get some green pips for the traders.
If we get an H1 breakout instead at the same level, this trade setup would still be valid.
Let us have a look at the summary of the trade…
- Entry-breakout at 77.960
- Stop Loss- 78.470
- Take profit-77.150
We often see that a candle makes a breakout, but the next candle comes back to the place where the price previously was. Like here, if this H4 candle goes up breaching the resistance level, but the next H4 candle comes back into the resistance level, then we should consider that the level is held and the trade setup is valid. This is what is called false break. It is often seen price goes towards the trend even with stronger momentum after having a false break.
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: NZDJPY Free Forex Trading Signals – 23rd March 2017
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