Before you continue, we want to make sure you understand that this is a past trade idea found inside The Price Action Club which is a premium Price Action trade signal service. This post is 1 week delayed and this idea is no longer valid but the lesson is still valid. We post this to show you what is inside the Price Action Club. It would be awesome if you join us to learn and to trade our trade ideas. We hope to see you inside the Price Action Club soon. Click here to join us…

NZDUSD Price Action Analysis – 24th May 2017

NZDUSD had been bearish two weeks ago. However, the last two weeks have been bullish with the pair. The pair breached an important level of resistance on its bull journey as well. As things stand with NZDUSD, the price might come back to that level to confirm the level of flip over support. If it really happens then buyers will jump into the pair to drive the price towards the North again. Let us have a look at the H4 chart of NZDUSD…

As we see that, the pair has been bullish on the H4 chart. The level of 0.69475 got breached, which was a massive level of resistance earlier. The price went up to 0.70450 after the breakout and then started having correction. If the price comes back at the level of 0.69475, and produces a Daily reversal candle right at that level, then buying NZDUSD would get some green pips for the buyers. Let us have a look at the summary of the trade

• Buy Limit Order: 0.69475
• Stop Loss Level: 0.68900
• Take Profit Target: 0.70400
• Validity: 24 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 chart that we have used here for the trade setup is an H4 chart, but the reversal candle should be a Daily candle. This is because that the level of resistance was actually a daily resistance, where the price got rejected twice on the H4 chart recently (see the marks on the chart). Thus, taking the entry after a Daily reversal candle would be more rewarding.

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 Price Action Analysis – 24th May 2017