NZD/USD Forex Signal

Yesterday’s signals were not triggered, as neither of the key levels were reached.

Today’s NZD/USD Signals

Risk 0.50%.

Trades must be taken from 8am New York time until 5pm Tokyo time, over the next 24-hour period only.

Short Trade

• Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 0.7108.

• Place the stop loss 1 pip above the local swing high.

• Adjust the stop loss to break even once the trade is 20 pips in profit.

• 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

• Long entry following some bullish price action on the H1 time frame immediately upon the next touch of 0.7075 or 0.6993.

• Place the stop loss 1 pip below the local swing low.

• Adjust the stop loss to break even once the trade is 20 pips in profit.

• 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

The situation simply looks extremely bullish, and lower prices today are very likely. There is nothing to hold up the price until 0.7075. I would be extremely careful taking any long trade entry until the price reaches or gets very close to the big psychological round number at 0.7000. The closer we get to that level, the more likely there will be an opportunity for the price to make a long-term bottom and provide a good “long tail” long-term bullish trade. I have a bearish bias today above 0.7000.

There is nothing due today concerning the NZD. Regarding the USD, there will be a release of Crude Oil Inventories at 3:30pm London time.