NZD/USD Forex Signal
|Last Thursday’s signals were not triggered, as none of the key levels were reached that day.
Today’s NZD/USD Signals
Risk 0.50%.
Trades may be entered between 8am New York time and 5pm Tokyo time, during the next 24-hour period only.
Short Trade
-
Short entry following bearish price action on the H1 time frame immediately upon the next touch of 0.6800.
-
Put the stop loss 1 pip above the local swing high.
-
Move the stop loss to break even once the trade is 20 pips in profit.
-
Take off 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to ride.
Long Trade
-
Long entry following bullish price action on the H1 time frame immediately upon the next touch of 0.6750.
-
Put the stop loss 1 pip below the local swing low.
-
Move the stop loss to break even once the trade is 20 pips in profit.
-
Take off 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to ride.
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.
I wrote last Thursday that I would take a bearish bias if the price could get established below the 0.6750 level, after the USD CPI data has had at least an hour to be digested by the market. This did not happen, although late in the Asian session the price did take a dip below there for a few hours before rebounding back up. Although the picture looks short-term bullish, there is nothing here to change the wider picture. That might change later when the RBA’s meeting minutes are published, as there is some uncertainty around Australian monetary policy right now, and the AUD can strongly influence the NZD. Until that release later, I doubt there are going to be any good opportunities coming here.
Regarding the USD, there will be a release of CPI data at 1:30pm London time. Concerning the NZD, there will be a release of CPI data at 11:45pm.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.