NZDUSD Free Forex Trading Signals – 13th April 2017
NZDUSD had been bearish on the minor frames. H4 and H1 traders were waiting for a solid trend on the pair. It seems that their waiting time is over. The pair produced a huge Engulfing H4 candle at a key Support level. Moreover, there have been two more H4 bullish candles after the Engulfing candle. These equations suggest that the pair might head towards the North according to the H4 chart. Let us have a look at the H4 chart…
As we see that 0.69200 level has become a strong level of support by producing that Engulfing H4 candle. A down trending Trend line got broken on its way as well. The price has gone up to 0.70000 so far. This might work as a resistance. If it does, then the price would be on consolidation. The level of 0.69810 might come and play an important role here. The level has the potential to be a level of support. This means we are going to wait to get an Engulfing H4 candle to be produced at 0.69810, which has to break the resistance level of 0.70000 to take a long entry.
Let us have a look at the summary of the trade…
- Buy Stop Order: 0.70000
- Stop Loss Level: 0.69810
- Take Profit Target: 0.70450
Here we have not had the H4 reversal candle yet. Thus, the level of breakout and the level of Support might need some extra pips to be added. All we have to make sure is, H4 reversal candle and a breakout to take the long entry. Take profit does not need be adjusted though.
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: NZDUSD Free Forex Trading Signals – 13th April 2017
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