NZDUSD Price Action Analysis – 23rd May 2018
NZDUSD has been Bullish on the H4 chart. The Daily trend has been strong Bearish though. On the H4 chart, the price seems to have found a Resistance, where the price has been trying to be Bearish. The first H4 candle was a Bullish candle, but the next one came out as a strong Bearish candle. That also made a breakout at a strong level of Support. Thus, the pair might give us a short opportunity later today. Let us have a look at the H4 NZDUSD chart.
See that strong Bearish H4 candle that made a breakout at the level of 0.69150. If this level is held by the current H4 candle and it produces an H1 Bearish Engulfing Candle, then the price would head towards the level of 0.68500 without having too many pauses. Let us have a look at the summary of the trade…
- Sell Limit Order: 0.68500
- Stop Loss: 0.69400
- Take Profit: 0.68500
- 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
The USD has “FOMC Meeting Minute” today, which is a high impact news event”. The event is going to take place at GMT 19.00. I assume the selling signal would come much earlier than the news event hour. Most probably the signal would come about GMT 10.00 or GMT 11.00. These two hours would be the best hour to offer us the entry. If it comes too late, then we might have to skip taking the entry. FOMC Meeting minute could make USD pairs be very volatile.
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