NZD/USD Signal Update
Yesterday’s signals were not triggered as there was no bearish price action when the price reached 0.7316.
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.
Long Trades
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.7208.
Put 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 touch of 0.7311.
Put 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
The bullish trend line continues to hold and the NZD remains the most bullish over the long-term of all currencies against the USD, although weakly so
There is nothing due today concerning the NZD. Regarding the USD, there will be a release of the ADP Non-Farm Employment Change at 1:15pm London time, ISM Manufacturing PMI at 3pm, Crude Oil Inventories at 3:30pm, and the FOMC Statement and Federal Funds Rate at 7pm.