GBPNZD produced an Inside bar Daily candle yesterday. The H4 chart suggests that the pair made a nice correction. A flip over Resistance level was held by the price yesterday. Moreover, the same level has been working as a level of Resistance today. Today’s two H4 candles were held by the level as well. It is time for the sellers to get an H4 Bearish Engulfing candle to take a short entry on the pair. Let us have a look at the H4 GBPNZD chart.
GBPNZD Price Action Analysis – 25th Sept 2018
The level of 1.97465 is the key level here. The price had a bounce on this level earlier. Now it has been working as a Resistance. It has produced some H4 Bearish reversal candles. However, an H4 Bearish Engulfing Candle would be the signal for the sellers to sell off the pair again. Let us have a look at the summary of the trade…
- Sell Stop Order: 1.96700
- Stop Loss: 1.97465
- Take Profit: 1.95500
- 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
I assume the H4 signal might one that includes the London Open. Thus, the best possibility for the signal to come is at GMT 10.00. Please note that if the signal does not come on the H4 candle that we are assuming, but it comes on the next H4 candle that would be a valid signal as well. None of the currency has any high impact news event today. Thus, the Bearish journey of the pair would be smooth if we get an H4 Bearish Engulfing candle from the marked level.
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