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NZD/USD: The Bear may make a long move


NZD/USD produced a bearish engulfing candle yesterday. The H4 chart shows that the price has had a consolidation, and it may have found its resistance. The price has been bearish again. If the current H4 candle comes out as a bearish reversal candle, the sellers may find an opportunity to go short in the pair.

Chart 1 NZD/USD H4 Chart

The chart shows that the price upon producing a bearish inside bar, it headed towards the South. It had a bounce at the level of 0.64000. It then produced two bullish and a doji candle. The level of 0.64430 has been working as a level of resistance. It may end up producing a bearish reversal candle. If that happens, the sellers may go short in the pair below the level of 0.64000. The potential breakout level is a strong level of support; thus the breakout may create good bearish momentum.

Trade Summary:

Entry: Sell below 0.64000

Stop Loss: Above 0.64430

Take Profit 1: 0.63450

Take Profit 2: 0.63120

Take Profit 3: 0.62600

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