NZDUSD 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 0.75%.
Trades must be taken from 8am New York time until 5pm Tokyo time, over the next 24-hour period only.
Short Trade
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Go short following bearish price action on the H1 time frame immediately upon the next touch of 0.6888.
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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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Go long following bullish price action on the H1 time frame immediately upon the next touch of 0.6765.
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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 last Thursday that if we saw the price trading at about 0.6825 later, I would take a bullish bias as this would be a bullish sign. I thought this was unlikely to happen, but it did, and the price continued to move higher, so this was a good call.
There is not much bullishness today, in fact the price has fallen steadily, yet as long as the area around 0.6837 holds, it would make sense not to have a bearish bias on this pair, as there are signs of the bullish USD trend ending and the NZD and AUD remaining well-positioned to rise against the USD.
There is nothing important due today concerning either the NZD or the USD.
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