NZD/USD Forex Signal
|Yesterday’s signals were not triggered, as there was no bullish price action at 0.7307.
Today’s NZD/USD Signals
Risk 0.75%
Trades must be entered from 8am New York time until 5pm Tokyo time, over the next 24-hour period.
Short Trade
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Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 0.7374.
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Place the stop loss 1 pip above the local swing high.
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Adjust the stop loss to break even once the trade is 20 pips in profit.
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Remove 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to run.
Long Trades
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Long entry following some bullish price action on the H1 time frame immediately upon the next touch of the supportive trend line which is currently sitting at about 0.7281.
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Place the stop loss 1 pip below the local swing low.
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Adjust the stop loss to break even once the trade is 20 pips in profit.
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Remove 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to run.
The best method to identify a classic “price action reversal” is for an hourly candle to close, such as a pin bar, a doji, an outside or even just an engulfing candle with a higher close. You can exploit these levels or zones by watching the price action that occurs at the given levels.
NZD/USD Analysis
I wrote yesterday that I was taking a bullish bias on this pair today, especially if the price remains above 0.7307. Although the price did briefly dip below that level, the bullish bias paid off, with the price rising clearly and bullishly to make a new high. The entire structure, as shown in the price chart below, is supported by a clear and ascending trend line. Unfortunately, there are no obvious support levels anywhere nearby, but a bullish bounce at the trend line could give a good long trade entry if it happens. There is no reason not to be bullish on this pair as all signs are pointing to still higher prices. There is nothing to stop the resistance level at 0.7374 being reached.
There is nothing due today concerning the NZD. Regarding the USD, there will be a release of CPI data at 12:30pm London time.
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