(MENAFN- Daily Forex) Yesterday's signals were not triggered, as there was insufficiently bearish price action at 0.6567.
Today's NZD/USD Signals
Risk 0.75%.
Trades may only be entered between 8am New York time and 5pm Tokyo time, during the next 24-hour period.
Short Trades
-
Short entry following bearish price action on the H1 time frame immediately upon the next touch of 0.6567 or 0.6625.
-
Place the stop loss 1 pip above the local swing high.
-
Move 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 Trades
-
Go long following bullish price action on the H1 time frame immediately upon the next touch of 0.6544.
-
Place the stop loss 1 pip below the local swing low.
-
Move 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.
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 took a bearish bias yesterday below 0.6567. This wasn't a good call, but that level was pivotal and did define the daily price direction. With the break up, we now have a slightly more bullish picture.
It would make sense to be bullish now above that same level, 0.6568, but the price action looks weak and indecisive, so I feel as if anything might happen over the rest of this week. There is a long-term bearish trend, so bulls should be very cautious. It doesn't look like there will be any great opportunities in this pair today. 
There is nothing important due today concerning either the NZD or the USD.
MENAFN1608201801310000ID1097304705
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.