NZDUSD Price Action Analysis – 1st Nov 2018
NZDUSD has been Bearish on the H4 chart. Yesterday’s Daily candle came out as a strong Bearish candle. However, today’s first H4 candle came out as a Bullish Engulfing candle and was produced at a significant level of Support. This means H4 NZDUSD chart has something to offer if we get an upside breakout. Let us have a look at the H4 NZDUSD chart.
The level of 0.65100 is the level of Support here. That massive H4 Bullish Engulfing Candle makes a strong statement that the pair might have found a strong level of Support here. The current H4 candle has been a Bullish candle too. Now what we have to wait here for is an upside breakout. The level of 0.65670 is the level of Resistance, which has to be broken. This means this is the breakout level that holds the key for the whole equation. Let us have a look at the summary of the trade…
- Buy Stop Order: 0.65670
- Stop loss: 0.65100
- Take profit: 0.66550
- 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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NZDUSD pair had been Bearish on the H4 chart for a long time. The pair seemed to make some upward correction first. However, at the moment it seems that the pair had some downward correction on the Daily chart. Thus, if it starts going upward then the pair would be heading towards the North on the Daily chart. So the chart we have shared, this move can be a vital move. Let us keep our eyes on the pair to find out what happens.
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