NZDUSD made a breakout towards the upside. The pair was having a Sell trend by obeying a down trending Trendline. By looking at today’s price action, we see that the pair has made another H4 breakout at yesterday’s higher high. This means if the breakout is held by the current H4 candle and we get an H1 Bullish Engulfing Candle afterwards, then buying the pair would get us some green pips. Let us have a look at the H4 NZDUSD chart.
The level of 0.68800 was yesterday’s higher high. The last H4 candle has made a solid breakout at that level. The current H4 candle has to be held by that breakout level and the price has to come to the breakout level to have a correction. Once the correction is over, we should wait for an H1 Bullish Engulfing Candle right at the level of 0.68800 to take the Long entry. An H1 Bullish Engulfing Candle at the breakout level would drive the price to 0.69450 without having that many pauses. Let us have a look at the summary of the trade…
- Buy Limit Order: 0.68800
- Stop Loss: 0.68515
- Take Profit: 0.69450
- 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
I assume the signal would come at GMT 12.00. This would be the best timing for the signal candle to be produced. None of the currency on this pair has any High impact news event today. Thus, it should be a very technical day for NZDUSD today…
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