NZD/USD Forex Signal  – 05 April 2018

NZD/USD Forex Signal – 05 April 2018

By: DailyForex.com

Yesterday’s signals were not triggered, as none of the key levels were ever reached.

 

Today’s NZD/USD Signals

Risk 0.50%

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

 

Short Trade

· Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 0.7374.

· 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.

 

Long Trades

· Long entry following some bullish price action on the H1 time frame immediately upon the next touch of 0.7273 or 0.7244.

· 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.

 

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 I had a bullish directional bias but unfortunately didn’t see any obvious levels to use for long trades nearby. The price is at about the same level it was this time yesterday, but has mostly been up, so the analysis seemed to be broadly correct. There is no change to the technical picture and the same reasons to be bullish still exist. Looking at the price chart, it is now possible to draw higher support levels. I see these as offering potentially good long trade entry opportunities as I maintain my bullish bias on this pair.

NZDUSD

There is nothing due today concerning either the NZD or the USD.

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