NZDJPY Price Action Analysis – 10th August 2018
NZDJPY took a huge Bearish move on the H4 chart yesterday. All the intraday time frames are with Bear at the moment. Today’s first H4 candle came out as a Bearish candle. The current candle seems to be a corrective candle so far. If the current candle ends up being an Inside bar and later we get a downside breakout at today’s lower low, then the price would head towards the South by offering us a short entry. Let us have a look at the H4 NZDJPY chart.
Look how the pair moved yesterday. Then today’s H4 Bearish Engulfing candle. This means the trend and today’s price action both are Bearish. The current candle has to close within the first candle. If it really does, then an H1 breakout at the level of 73.070 would lead the price to go towards the level of 72.315. Let us have a look at the summary of the trade…
- Sell Stop Order: 73.070
- Stop Loss: 73.535
- Take Profit: 72.315
- 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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This is the first week of August. Most of the pairs looked good in this week considering the first week of the month. As we expected that the first three months of the last quarter would be good for the market since it would have more liquidity. It seems that the big boys have come back in the market again. This is what we the retail traders love to see. Let us hope that it keeps going like this to finish this year.
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