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USDCHF, being bearish on the H4 chart for a long time, seems to have started making an upward move. In fact, the pair produced two consecutive H4 bullish engulfing candles after making a double bottom. It might be the time for a correction. If the price makes a good wave of correction, and produce an H4 bullish engulfing candle at the flip over support level, then an H1 breakout would lead the price to go towards the North. Let us have a look at the H4 USDCHF chart.
USDCHF Price Action Analysis – 12th Dec 2018
The level 0.99380 has become the level of resistance. On the other hand, the level of 0.99000 was the level which got broken earlier. If the price comes back to the breakout level and produces an H4 bullish engulfing candle right there, then an H1 breakout at the level of 0.99380 would be the signal to take a long entry. Let us have a look at the summary of the trade
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Take profit target has been set at 0.99970. In fact, the next strong resistance level is at 1.00000. However, we set our stop loss 3 pips ahead. The reason for this is 1.00000 is a huge psychological level. A sudden gap on either side could take place. Thus, it is better to set the target bit ahead of that level and come out early. Safety first this is what we always need to keep in mind.
The post USDCHF Price Action Analysis – 12th Dec 2018 appeared first on Advanced Forex Strategies.
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GBPNZD made a strong bearish move on the H4 chart yesterday. The price made a strong breakout at a strong level of support which played a very significant part on a number of occasions. Let us have a look at the H4 GBPNZD chart.
GBPNZD Price Action Analysis – 11th Dec 2018
After making a double top, the price headed towards the South and made a breakout at 2.83325. The level of 1.81110 came into play. The level has been the resistance and holds the key for the next move. If the breakout level is held and produces an H4 bearish engulfing candle and then we get an H1 breakout at the level of 1.81810, then the price would head towards the further South by offering us a short entry. Let us have a look at the summary of the trade…
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All the GBP pairs look very active. It seems that GBP has been going down against its counterpart on all the pairs. I assume the GBP would keep going down for at least 2 more weeks of this year and another 2/3 weeks of 2019. The year 2019 could be very crucial for the GBP. If the price goes up, then it is fine. However, if the price goes down, then the GBP would be a weak currency. The price could come down to parity on GBPUSD. Let us see what happens next. These are the equations based on the Weekly chart. However, an H4 traders need to be aware of these every now and then.
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