NZDUSD has been on a consolidation after being very Bullish on the H4 chart. The pair seems to be waiting to find its route. However, today’s price action has been Bullish as far as intraday charts are concerned. Today’s two consecutive H4 candles have been Bullish. Moreover, one of them made a breakout at a significant level of intraday resistance. Thus, the pair might offer us a long entry later today. Let us have a look at the H1 NZDUSD chart.
NZDUSD Price Action Analysis – 31st Jan 2018
Have a look at the level of 0.73540. This was a higher high of the last swing high. This level has been broken by an H4 candle today. The price has been Bullish after the breakout. If the price comes back to the breakout level and produces an H1 Bullish Engulfing Candle right at the level of 0.73540, then buying the pair would get us some green pips. Let us have a look at the summary of the trade…
- Buy Limit Order: 0.73540
- Stop loss: 0.73280
- Take Profit: 0.74300
- 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 some high impact news events to face today. Especially the FOMC statement is one big news event, which has to be counted by the traders. I would recommend that the traders should come out with their intraday entries at least 30 minutes before the news event takes place. The FOMC statement is to take place at GMT 20.00. This means intraday positions should be taken out at GMT 19.30. Trade safe.
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