NZDUSD was bearish last week. However, the level of 0.71500 has been proven to be a good level of support. The pair produced an H4 Engulfing candle as well as a Double bottom. We have had 3 consecutive H4 bullish candles from the Double bottom level. All of these equations suggest that the pair is more likely to take its next journey towards the North. Let us have a look at the 4H chart…
NZDUSD Free Forex Trading Signals – 16th Feb 2017
See that massive H4 Engulfing candle. The price then continued making higher highs. However, the level of 0.72420 has come to play as a level of resistance. There is a good chance that the price might come back to 0.72100 and makes it a support level. If we then get an H4 Engulfing candle from 0.72100 breaking 0.72420, then buying NZDUSD should get us some green pips. The level of 0.72950 has the potential to be the next resistance level.
Let us have a look at the summary of the trade…
- Buy Stop Order: $0.72420
- Stop Loss Level: $0.72100
- Take Profit Target: $0.72950
“Do I have to use indicators?” this question is often asked by the Forex traders. Indicators can be handy to some extent. However, the color Forex market changes in a minute. Thus, most of the indicators run behind the market data. Nevertheless, many successful Forex traders trade depending on the indicators. As far as price action trading is concerned, if a trader understands Price action trading, he or she does not need to use indicator.
Comment below if you have questions on this trade and please let us know if you made money if this trade signal. Good luck!
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 Free Forex Trading Signals – 16th Feb 2017
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