NZD/USD produced a Spinning Top in the daily chart last Friday. The H1 chart shows that the price made a bullish breakout at the candle’s highest high. As of writing, the last candle has been bearish. However, the breakout level holds the price as a flipped support. If the level ends up producing a bullish reversal candle, the buyers may get an opportunity to go long in the pair.
Chart 1 NZD/USD H1 Chart
The chart shows that the price made a breakout at the level of 0.65500 and produced one more bullish candle. The pair is trading around the breakout level as of writing. If the level holds the price as a level of support and produces a bullish reversal candle, the buyers may go long above the level of 0.65600.
Trade Summary:
Entry: Buy above 0.65600
Stop Loss: Below 0.65500
Take Profit 1: 0.65850
Take Profit 2: 0.66000