NZD/USD Forex Signal | DailyForex


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

Today’s NZD/USD Signals

Risk 0.75%.

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

Short Trade

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

  • 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.

  • 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 Trade

  • Go long following bullish price action on the H1 time frame immediately upon the next touch of 0.6888.

  • Put the stop loss 1 pip below the local swing low.

  • 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 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 last Thursday that the NZD, along with the AUD, looked best placed to benefit from this new weakness in the USD, although the AUD seemed stronger. I should have been more bullish, but in a way, this was a good call as the AUD has risen more strongly. The China / U.S. trade truce has produced a gap up after the weekend and a generally weak U.S. Dollar. The Australian Dollar is the strongest of all the major global currencies now and this has helped the NZD be strong too, albeit less so. Weekend gaps such as these are usually filled quite quickly, but there is every reason to be generally bullish. I would not want to enter any long trades until the gap has been filled and we get another bullish bounce in the 0.6888 area.NZDUSd 

There is nothing important due today concerning the NZD. Regarding the USD, there will be a release of ISM Manufacturing PMI data at 3pm London time.



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