NZD/USD Forex Signal

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

Today’s NZD/USD Signals
Risk 0.75%.

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

Short Trade
Go short following bearish price action on the H1 time frame immediately upon the next touch of 0.7000.
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 yesterday that the environment remained generally bullish, but I would not want to start any new long trades here. I had no bias for now but would see a major reversal near 0.7000 as a major selling opportunity. This wasn’t a bad call insofar as it kept us out of trouble, and you could argue that the reversal we were already seeing at about 0.6970 was close enough to the 0.7000 level I highlighted to be meaningful. In any case, the price is gently descending, but I have no directional bias. I would look to trade reversals in either direction: long off 0.6888 or short off 0.7000. The long would be confluent with a filling of the weekend gap and looks more likely to happen first, so this is likely to be the only opportunity to watch out for. I have no directional bias.

NZDUSD

There is nothing important due today concerning either the NZD or the USD.

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