NZD/USD Forex Signal

Last Thursday’s signals were not triggered.

Today’s NZD/USD Signals

Risk 0.75%.

Trades must be taken from 8am New York time until 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 0.6640 or 0.6689.

  • 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.

  • 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

  • Long entry following bullish price action on the H1 time frame immediately upon the next touch of 0.6568.

  • 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 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 last Thursday that we had a slightly more bullish picture, and I was right, as the price has continued to rise despite the long-term bearish trend. I remain cautiously bullish above 0.6612 and would be even more bullish above 0.6640. Note that the NZD is likely to be affected by the key Australian data release due later in the Asian session.

NZDUSD

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

Adam is a Forex trader who has worked within financial markets for over 12 years, including 6 years with Merrill Lynch. He is certified in Fund Management and Investment Management by the U.K. Chartered Institute for Securities & Investment. Learn more from Adam in his free lessons at FX Academy.