NZDUSD Forex Signal

Yesterday’s signals were not triggered.

Today’s NZD/USD Signals

Risk 0.50%.

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

Short Trades

• Short entry following bearish price action on the H1 time frame immediately upon the next touch of 0.6960.

• 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 0.6884, 0.6873, or 0.6859.

• 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 had no bias yesterday, but the general strong fall in commodity and risk currencies and strength of the U.S. Dollar and Japanese Yen has pushed the price down here just as it has everywhere else. The decrease has however been relatively small, which fits in with what I have been describing for the past few days – the relative strength of the New Zealand Dollar compared to the Australian Dollar. I have a bearish bias today, but I think there are other pairs that are going to work better to take advantage of the overall macro situation.

There is nothing due concerning the NZD. Regarding the USD, there will be a release of Building Permits data at 1:30pm London time.