(MENAFN- Daily Forex) Yesterday's signals were not triggered, as none of the key levels were ever reached.
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 Trade
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Short entry following bearish price action on the H1 time frame immediately upon the next touch of 0.6857.
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Place the stop loss 1 pip above the local swing high.
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Move the stop loss to break even once the trade is 20 pips in profit.
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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
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Long entry following bullish price action on the H1 time frame immediately upon the next touch of 0.6765 or 0.6698.
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Place the stop loss 1 pip below the local swing low.
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Move the stop loss to break even once the trade is 20 pips in profit.
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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 wrote yesterday that if the U.S. inflation data was weak, and we saw a weakening of the U.S. Dollar as the case for rate hikes is undermined slightly as a result, then the NZD could be the very best currency to be long of against a falling greenback. This was a good call as the inflation data, while not exactly weak, was certainly not strong, and we saw the U.S. Dollar continue to fall and consequently this pair has risen. It appears there is minor resistance at 0.6820 which has held this rise, so if we see the price trading at about 0.6825 later, I would take a bullish bias as this would be a bullish sign. However, I think it is looking likely that we will see a consolidation below 0.6820 and above the support at 0.6765 today. 
There is nothing important due today concerning the NZD. Regarding the USD, there will be a release of Retail Sales data at 1:30pm London time, and the Chair of the Federal Reserve will be giving a minor speech at 4:30pm.
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