NZDUSD has been heading towards the North with good buying pressure. The pair after producing a daily bullish engulfing candle has produced two more bullish daily candles consecutively. Thus, the H4 chart looks to be very bullish as well. In the last week, the price after having a rejection has been on consolidation. If the level which has been held as a level of support so far produces an H4 bullish engulfing candle, then an H1 breakout at last trading day’s highest high may push the price towards the North further. Let us have a look at the H4 NZDUSD chart.
This trade idea was generated by our powerful Elite Swing Trader System.
Free Forex Trade Signals NZDUSD – 7th Oct 2019
The chart shows that the level of 0.63345 has been a strong level of resistance where it had a bounce earlier as well. The level of 0.62995 has been held as a level of support. However, bullish momentum is required right from there. An H4 bullish engulfing candle at the support level followed by an H1 breakout at the level of 0.63345 may push the price towards the level of 0.63855. Let us have a look at the summary of the trade…
- Buy Stop Order: 0.63376
- Stop Loss: 0.62985
- Take Profit: 0.63859
Last Friday was supposed to be a very volatile day for the USD pairs. However, it was not that volatile. ‘Unemployment Rate’ came 3.5% which has been the lowest for many years. The USD did not show its strength on last Friday, but I assume we may get stronger USD in the coming days. That does not affect today’s trade setup though.
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