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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…
NZDUSD Price Action Analysis – 24th May 2017
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.
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