NZD/USD Signal Update
Last Thursday’s signals were not triggered as none of the key price 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 only.
Long Trades
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.7208.
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 0.7316.
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
It is possible to be mildly bullish here, although there was a break below a supportive inner trend line towards the end of last week which is a mildly bearish sign. The long-term and medium-term trends remain bullish.
There is nothing due today concerning either the NZD or the USD.