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NZD/USD: Bullish reversal candle, what is next?


NZD/USD produced a bullish engulfing candle in the daily chart yesterday. The combination of the last three daily candles is the Morning Star. The H4 chart shows that the price has been in consolidation for a while. Consolidation support has already produced an H4 bullish reversal candle. If the price makes a breakout at consolidation resistance, the buyers may go long in the pair and push the price towards the North further.

Chart 1 NZD/USD H4 Chart

The chart shows that the price consolidates within the level of 0.64700 to 0.64420. The level of 0.64420 has already produced a bullish engulfing candle. Thus, the buyers may wait for the price to make a breakout at the level of 0.64700 and go long in the pair. The price has been bearish in the current H4 candle. However, the buyers may keep their eyes in the pair since it may get bullish soon.

Trade Summary:

Entry: Buy above 0.64700

Stop Loss: Below 0.64420

Take Profit 1: 0.64900

Take Profit 2: 0.65000

Take Profit 3: 0.65000

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