NZD/USD Forex Signal

Yesterday’s signals were not triggered, as there was no bearish price action at 0.6720.

Today’s NZD/USD Signals

Risk 0.75%.

Trades may only be entered between 8am New York time and 5pm Tokyo time, during the next 24-hour period.

Short Trades

  • Short entry following bearish price action on the H1 time frame immediately upon the next touch of 0.6857 or 0.6888.

  • Place 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 Trades

  • Long entry following bullish price action on the 1H1 time frame H1H1H1 time frame immediately upon the next touch of 0.6720 or 0.6635.

  • Place 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.

NZD/USD Analysis

I wrote yesterday that I would be bullish today above 0.6787 but would watch out for the RBNZ’s important monthly input due later. This was a good call as the price has still not got convincingly above 0.6787. I leave the level showing in the price chart below, but it has been invalidated as a precise level. It looks likely that we will not have a short-term bearish retracement. The movement after that will probably depend upon the FOMC release due later. The NZD has been very bullish over recent days, and the odds are still slightly in favour of a continued rise in price, but it would not be a surprise if did not see higher prices. I remain on the side-lines until after the FOMC release which hopefully will provide more clarity.

nzdusd

There is nothing important due today concerning the NZD. Regarding the USD, there will be a release of the FOMC Statement and Federal Funds Rate at 7pm London time.

DailyForex will not be held liable for any loss or damage resulting from reliance on the information contained within this website including market news, analysis, trading signals and Forex broker reviews. The data contained in this website is not necessarily real-time nor accurate, and analyses are the opinions of the author and do not represent the recommendations of DailyForex or its employees. Currency trading on margin involves high risk, and is not suitable for all investors. As a leveraged product losses are able to exceed initial deposits and capital is at risk. Before deciding to trade Forex or any other financial instrument you should carefully consider your investment objectives, level of experience, and risk appetite. We work hard to offer you valuable information about all of the brokers that we review. In order to provide you with this free service we receive advertising fees from brokers, including some of those listed within our rankings and on this page. While we do our utmost to ensure that all our data is up-to-date, we encourage you to verify our information with the broker directly.