Yesterday’s signals were not triggered, as there was no bearish price action at 0.6851.

Today’s NZD/USD Signals

Risk 0.75%.

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

Short Trades

  • Go short following bearish price action on the H1 time frame immediately upon the next touch of 0.6851 or 0.6873.

  • 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 run.

Long Trades

  • Go long following bullish price action on the H1 time frame immediately upon the next touch of 0.6789 or 0.6765.

  • 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 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 yesterday that it was hard to say what was likely to happen next. I thought that the support at 0.6820 may well hold but the resistance levels above also looked solid. For these reasons, I had no directional bias today. I think this was good as the action has reversed in an unpredictable way.

The best I can say now is that it looks like we will see lower prices still, maybe the price will even go down as far as 0.6789 which looks like to be relatively strong support if reached.

NZDUSD

There is nothing of high importance due today concerning the NZD or the USD.

Recommended Content


Recommended Content

Editors’ Picks

Bank of Japan holds interest rate in September, as expected

Bank of Japan holds interest rate in September, as expected

The Bank of Japan announced on Friday that it maintained the short-term rate target in the range of 0.15%-0.25%, following the conclusion of its two-day monetary policy review meeting. The decision aligned with the market expectations.

USD/JPY News
AUD/USD bears attack 0.6800 amid PBOC's status-quo, cautious mood

AUD/USD bears attack 0.6800 amid PBOC's status-quo, cautious mood

AUD/USD attacks 0.6800 in Friday's Asian trading, extending its gradual retreat after the PBOC unexpectedly left mortgage lending rates unchanged in September. A cautious market mood also adds to the weight on the Aussie. Fedspeak eyed. 

AUD/USD News
Gold consolidates near record high, bullish potential seems intact

Gold consolidates near record high, bullish potential seems intact

Gold price regained positive traction on Thursday and rallied back closer to the all-time peak touched the previous day in reaction to the Federal Reserve's decision to start the policy easing cycle with an oversized rate cut.

Gold News
Ethereum rallies over 6% following decision to split Pectra upgrade into two phases

Ethereum rallies over 6% following decision to split Pectra upgrade into two phases

In its Consensus Layer Call on Thursday, Ethereum developers decided to split the upcoming Pectra upgrade into two batches. The decision follows concerns about potential risks in shipping the previously approved series of Ethereum improvement proposals.

Read more
Bank of Japan set to keep rates on hold after July’s hike shocked markets

Bank of Japan set to keep rates on hold after July’s hike shocked markets

The Bank of Japan is expected to keep its short-term interest rate target between 0.15% and 0.25% on Friday, following the conclusion of its two-day monetary policy review. The decision is set to be announced during the early Asian session. 

Read more
Moneta Markets review 2024: All you need to know

Moneta Markets review 2024: All you need to know

VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.

Read More

Majors

Cryptocurrencies

Signatures