NZD/USD Forex Signal
|Yesterday’s signals were not triggered, as none of the key levels were reached during the specified period.
Today’s NZD/USD Signals
Risk 0.75%.
Trades may only be entered between 8am New York time Tuesday until 5pm Tokyo time Wednesday.
Short Trades
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Go short following bearish price action on the H1 time frame immediately upon the next touch of 0.6873 or 0.6902.
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Place the stop loss 1 pip above the local swing high.
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Move the stop loss to break even once the trade is 20 pips in profit.
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Take off 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to run.
Long Trade
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Go long following bullish price action on the H1 time frame immediately upon the next touch of 0.6789.
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Place the stop loss 1 pip above the local swing high.
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Move the stop loss to break even once the trade is 20 pips in profit.
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Take off 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 resistance level at 0.6873 had held over the past few hours and may be printing a bearish double top formation. If the price could advance again and trade above that level for a couple of hours it would be a bullish sign, with the next resistance level at 0.6902 being very significant as a long-term high.
The price did not advance but is still holding up as party of a long-term bullish consolidation pattern and is close to some long-term highs. A sustained break above 0.6900 would be a very bullish sign signalling the probability of an extended rise higher. I am definitely more comfortable looking for long trades than short trades over the near term here.
There is nothing of high importance due today concerning the NZD or the USD.
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