NZD/USD made a bearish move and then had a bullish correction in the daily chart. The pair produced a bearish candle yesterday. The H1 chart shows that the price made a breakout at yesterday’s lowest low. The price may make a bullish correction. If the price produces a bearish reversal candle at the breakout level, the sellers may find an opportunity to go short in the pair.
Chart 1 NZD/USD H1 Chart
The chart shows that the price made a strong bearish move and had a bounce at the level of 0.65450. The price upon producing a double top has been heading toward the South. It made a breakout at the level of 0.65450. The price may go towards the level to make a bullish correction. If the level produces a bearish reversal candle, the sellers may go short in the pair below the level of 0.65300.
Trade Summary:
Entry: Sell below 0.65300
Stop Loss: Above 0.65450
Take Profit 1: 0.65040
Take Profit 2: 0.64930
Take Profit 3: 0.64750