NZDUSD took a strong Bearish move on the H4 chart. As things stand with the pair, it seems that the pair might have found a strong level of Support. The price had a little bounce from that level earlier and today the price had another bounce. Most probably we are going to have a Double Bottom here if we get a breakout at the neck line later today. If that happens, then the pair might give us a buying opportunity. Let us have a look at the H4 NZDUSD chart.
The level of 0.65700 is the level of Support of the potential Double Bottom and the level of 0.66057 is the level of Neckline. We have to wait for an H4 breakout at the Neckline to take the long entry. There is enough room for the price to travel. However, the level of 0.66580 might come into play and act as a level of Resistance. Let us have a look at the summary of the trade…
- Entry- H4 breakout at 0.66057
- Stop loss- Below 0.65700
- Take profit-0.66580
- 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 a High impact news event at GMT 15.00. One H4 candle finishes at GMT 16.00. I assume that the signal would come at GMT 16.00. There is a possibility that the signal might come at GMT 12.00 as well. Thus, we have to keep our eyes on the close of the both H4 candles. Meanwhile let us be patient and wait to see what the market actually does at the end.
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