Yesterday’s signals were not triggered as none of the key levels were reached during the session.
Today’s NZD/USD Signals
Risk 0.75%
Trades must be taken between 8am New York time and 5pm Tokyo time, over the next 24-hour period only.
Long Trade 1
* Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.6938 or 0.6897.
* 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 ride.
Short Trade 1
* Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 0.6974.
* 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 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 wrote yesterday that this pair looks bearish and still has good momentum in that direction. The situation is the same today as the downwards move continues. We have had former support flip to resistance at 0.6975 which is a bearish sign. The pair is in a bearish trend on all time frames.
The next support level is confluent with a whole number, so might be a more likely point for a turning point to occur.
There is nothing due today concerning the NZD. Regarding the USD, there will be a release of the ADP Non-Farm Employment Change numbers at 1:15pm London time, followed by Crude Oil Inventories at 3:30pm.