NZDJPY has been Bullish on the H4 chart. The price has kept making higher highs for the last eight trading days. Today’s first H4 candle came out as a very strong Bullish candle, which made a breakout at yesterday’s higher high. The breakout level was held by the next H4 candle as well. If the price comes back to the breakout level and produces an H1 Bullish Engulfing Candle, then buying the pair would get us some green pips. Let us have a look at the H4 NZDJPY chart.
NZDJPY Price Action Analysis – 20th Sept 2018
Have a look at today’s first H4 candle. It made a breakout at the level of 74.315. This level was yesterday’s higher high. Now we have to wait for a full wave correction. This means the price has to come back at the level of 74.315 and to produce an H1 Bullish Engulfing Candle to offer us the long entry. Let us have a look at the summary of the trade…
- Buy Limit Order: 74.315
- Stop Loss: 74.050
- Take Profit: 75.160
- 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 NZD had a high impact news event today. Thus, all the NZD pairs look very active. In fact, all of them have been trending by making a breakout on the H4 chart. NZDUSD, EURNZD, GBPNZD have been very active and look good to offer entries as far as the H4 chart is concerned. NZDJPY looks best among the rest of them though. Let us patiently keep our eyes on the pair and see whether it produces that H1 Bullish Engulfing Candle later today.
The post NZDJPY Price Action Analysis – 20th Sept 2018 appeared first on Advanced Forex Strategies.
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