NZD/USD Forex Signal

Last Thursday’s signals were not triggered, as none of the key levels were ever reached.

Today’s NZD/USD Signals

Risk 0.75%.

Trades may only be entered between 8am New York time and 5pm Tokyo time today.

Short Trade

• Go short following bearish price action on the H1 time frame immediately upon the next touch of 0.6899.

• Put 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 Trade

• Long entry following bullish price action on the H1 time frame immediately upon the next touch of 0.6708.

• Put 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.

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 the price was making new lows and I expect that it would continues down to 0.6708 at least, so I took a bearish bias above that price.

This was a good call but the downwards movement took more time to play out, so it wasn’t very tradable during last Thursday’s session.

The price is now finally close to a clear and key support level at 0.6708 so we may see the beginning of a bullish turn here. However, it may take some time to play out.

There is nothing important due regarding either the USD or the NZD. It is a public holiday in the USA today.