NZD/USD Forex Signal | DailyForex


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

Today’s NZD/USD Signals

Risk 0.50%.

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

Short Trades

  • Go short following bearish price action on the H1 time frame immediately upon the next touch of 0.6763 or 0.6787.

  • Place 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

  • Go long following bullish price action on the H1 time frame immediately upon the next touch of 0.6675.

  • Place 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 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 the technical picture looked a little bearish, with new key resistance at 0.6763, and no support for a long way below. This wasn’t a bad analysis as the price continued to fall over most of the session, before the New Zealand Dollar received a boost from the strong rise in the Australian Dollar caused during the second half of the Asian trading session. It can be argued that the picture still looks bearish, or at least that a short trade from a reversal at the nearest resistance level would be attractive, but I have no directional bias until that happens.

NZDUSD

There is nothing important due today concerning the USD. Regarding the NZD, there will be a release of Inflation Expectations data at 4am London time.



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