NZD/USD Forex Signal – 11 June 2018

Last Thursday’s signals were not triggered, as none of the key levels were reached that day.

Today’s NZD/USD Signals

Risk 0.75%.

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

Short Trade

— Short entry following bearish price action on the H1 time frame immediately upon the next touch of 0.7053.

— Put 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

— Long entry following bullish price action on the H1 time frame immediately upon the next touch of 0.7000 or 0.6956.

— Put 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 had a bullish bias last Thursday above the area around 0.7053. This was correct as far as it went, as the price never managed to break above 0.7053, and has fallen from there. It is notable how the NZD has flattened out after its recent rise. As there is not really either any long or short-term trend, this pair’s direction today looks impossible to predict. The best that can be said is that both nearby key levels shown in the price chart below look likely to hold today.

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

This article provided by NewsEdge.