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NZD/USD: Does the pair make an H4 bullish breakout to offer a long entry?

EagleFX

NZD/USD has been bullish on the daily chart. The pair after making a bullish move had a bearish correction. It produced a Morning Star and headed towards the North. Yesterday’s candle came out as a bullish engulfing candle. The pair is trading above yesterday’s highest high as of writing. If the pair makes an H4 breakout, the buyers may go long in the pair and drive the price towards the North further.

Chart 1 NZD/USD H4 Chart


The H4 chart shows that the price has been in consolidation for a long time. Yesterday’s daily bullish candle may attract the H4 traders to keep an eye on the pair. The price has been in consolidation within 0.61900-0.62320. The level of support has already produced a bullish Track Rail. As of writing, the current candle has been bullish. If the candle closes above 0.62320, the buyers may trigger a long entry in the pair.

Trade Summary:

Entry: Buy above 0.62320
Stop Loss: Below 0.61900
Take Profit 1: 0.62900
Take Profit 2: 0.63225
Take Profit 3: 0.63600

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