NZD/USD Forex Signal
|Yesterday’s signals were not triggered, as there was no bearish price action at either 0.6541 or 0.6562.
Today’s NZD/USD Signals
Risk 0.75%.
Trades may only be taken between 8am New York time and 5pm Tokyo time, during the next 24-hour period.
Short Trade
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Short entry following bearish price action on the H1 time frame immediately upon the next touch of 0.6635.
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Put 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 bullish price action on the H1 time frame immediately upon the next touch of 0.6541 or 0.6497.
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Put 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 the NZD here looked more bullish than the AUD, which was a bullish sign for this pair, and the overcoming of 0.6500 might be a technically significant development. I still took no directional bias. I was correct to note the bullishness of the NZD as the pair has continued to rise, and it is behaving bullishly technically, with former resistance levels flipping quite cleanly to become new higher support.
The price looks a little likely to rise today, as it is already bouncing off new higher support, with another new support level close by underneath that one. The NZD is also more bullish than its sister currency the AUD, which is another factor making me at least weakly bullish here today.
There is nothing important due today concerning either the NZD or the USD.
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