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NZD/USD Forex Signal

Yesterday’s signals were not triggered, as no key levels were reached.

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 Trade

  • Short entry following bearish price action on the H1 time frame immediately upon the next touch of 0.6772.

  • 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 H1 time frame immediately upon the next touch of 0.6698 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 despite the generally bullish environment for the U.S. Dollar, it was notable that the NZD has held up better than the AUD, so we may well see a good bullish bounce at the support level confluent with the round number at 0.6700. The number was never reached, and we see instead a medium-term consolidation pattern which is very neutral. I think that if the U.S. Dollar starts selling off, being long of this pair would be a very good place to be. I would take a bullish bias today once the price had traded above 0.6772 for a couple of hours.

nzdusd

There is nothing important due today concerning either the NZD or the USD.

Author

Adam Lemon

Adam Lemon

DailyForex.com

Adam is a Forex trader who has worked within financial markets for over 12 years, including 6 years with Merrill Lynch. He is certified in Fund Management and Investment Management by the U.K. Chartered Institute for Securities & Investment.

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