NZDUSD Price Action Analysis – 4th June 2018
NZDUSD is at an interesting point. The pair was Bearish for five weeks. Then, it was in a range. The last week candle came out as a Bullish Engulfing Candle. Thus, it might be the time for the pair to go towards the North this time. Let us have a look at the NZDUSD Daily chart.
The Daily chart has produced a Double Bottom here. Moreover, there is a huge Engulfing Bullish Daily candle, which has been followed by another little Bullish candle. The last Daily candle came out as a Bearish corrective candle. The level of 0.69665 seems to be the level, which has been playing its part to be the level of Support. The level has been held nicely so far. If it produces a Daily Engulfing Candle (Monday’s Daily candle) breaching the level of 0.70200 then buying the pair would get us green pips.
- Buy Stop Order: 0.70200
- Stop Loss: 0.69665
- Take Profit: 0.71050
- 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
Trading on the Daily chart is consistent. We usually trade on the H4 and H1 chart. Trading on the H4 chart is consistent too, but not as consistent as trading on the Daily chart. However, trading on the Daily chart requires more patience. Signals are produced less often than the H4 and the H1 charts. Since more pips are used as the Stop loss, so we must use a smaller lot. At the end, profit would still be very similar since we set Take profit level with more pips too.
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