Yesterday’s signals were not triggered as the bearish price action took place above the resistance level identified at 0.7214.
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 Trade 1
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.7119.
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 Trades
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 0.7240 or 0.7285.
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
There has been no change to the situation outlined yesterday, which can basically be summarized as a medium-term consolidation There is no long-term trend here, but this is usually a difficult pair to trade off support and resistance levels, so it can be hard to benefit from such a situation. There are probably going to be better opportunities elsewhere over the short term.
There is nothing due today concerning the NZD. Regarding the USD, there will be a release of Preliminary GDP data at 1:30pm London time, followed by CB Consumer Confidence at 3pm. President Trump will be speaking before a joint session of Congress at 2am.