Today’s NZD/USD Signals

19 June 2017, 13:28
Tamas Molnar
0
20

Today’s NZD/USD Signals

Risk 0.75%

Trades must be taken from 8am New York time until 5pm Tokyo time, during the next 24-hour period only.

Long Trade 1

  • Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.7153.
  • Place 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. 

Short Trade 1

  • Go short following a bearish price action reversal on the H1 time frame immediately upon the next entry into the zone between 0.7298 and 0.7318.
  • Place 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.

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

We now see this pair’s strong advice being held by resistance at about 0.7300, with a lower swing high forming. This is, provisionally, a bearish sign, but there have been no breaks of key support levels yet. Until that happens, it would be correct to call this a pause in the upwards movement. 

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