NZD/USD Signal Update
Yesterday’s signals were not triggered as the price was already established above 0.7182 by the time the session started.
Today’s NZD/USD Signals
Risk 0.75%
Trades may only be entered between 8am New York time and 5pm Tokyo time, over the next 24-hour period.
Long Trades
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.7182 or 0.7143.
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 run.
Short Trade 1
Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 0.7228.
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 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
This pair continues to be strong, with the bullish trend remaining intact. This pair has reached above its price levels of 3 and 6 months ago, and this is a great technical indicator for the establishment of a long-term bullish trend. It still looks like an excellent vehicle to use for exploiting weakness in the USD, especially as the short-term trend is also bullish.
There is nothing due today regarding the NZD. Concerning the USD, there will be a release of CPI data at 1:30pm London time followed by a minor speech from the Chair of the Federal Reserve at 8pm.