NZD/USD Forex Signal
|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 may only be taken from 8am to 5pm Tokyo time Tuesday.
Short Trades
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Short entry following bearish price action on the H1 time frame immediately upon the next touch of 0.6902 or 0.7000.
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Put the stop loss 1 pip above the local swing high.
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Adjust the stop loss to break even once the trade is 20 pips in profit.
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Remove 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
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Long entry following bullish price action on the H1 time frame immediately upon the next touch of 0.6848 or 0.6790.
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Put the stop loss 1 pip above the local swing high.
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Adjust the stop loss to break even once the trade is 20 pips in profit.
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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.
I wrote last Thursday that there was direction here on any time frame except the shortest. This indicated that the best opportunities which could arise here in this pair were fast reversals on short time frames at the extremes of price at 0.6708 and 0.6902. This did not work out but at least was enough to stay out of trouble, with the picture becoming slightly more bullish as the price rose over the past two days The problem is that if you zoom out to the daily time frame on a price chart you see the price has been going sideways with a lot of choppy action over the long-term, meaning that any kind of trading with the trend is going to have a doubtful chance of success. I take no directional bias and see the AUD/USD as a better pair to be trading than this one, as that is where the action is likely to be later during the Asian session.
There is nothing of high importance due today regarding the NZD. Concerning the USD, it is a public holiday in the U.S.A.
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