Today’s NZD/USD Signals
Risk 0.50%.
Trades may only be entered from 8am New York time until 5pm Tokyo time, over the next 24-hour period.
Short Trades
- Short entry following bearish price action on the H1 time frame immediately upon the next touch of 0.6700 or 0.6785.
- 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 Trades
- Long entry following bullish price action on the 1H1 time frame H1H1H1 time frame immediately upon the next touch of 0.6600 or 0.6530.
- 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
The pair's last bullish bounce pushed it towards the resistance level of 0.6692 before settling around 0.6667. This rebound still lacks a catalyst strong enough to provoke a correction. The pair's daily chart still indicates a bearish momentum. There will be no break of this trend without the pair moving towards the resistance level 0.6780 and break above it. The New Zealand dollar is considered usually a risk currency and markets are seeking safe heaven currencies now and the US dollar looks ideal for this purpose as the US-China trade war continues.
There is nothing important due today concerning the NZD or USD.