Last Thursday’s signals were not triggered as neither of the key levels identified were reached during that session.
Today’s NZD/USD Signals
Risk 0.75%
Trades must only be entered from 8am New York time until 5pm Tokyo time, during the next 24-hour period.
Long Trade 1
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.6859.
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 0.6949.
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
It is notable that this pair, which is in a long-term bearish trend and has fallen by a great deal over recent days, has only risen by a relatively small amount when everything is rising against the U.S. Dollar. This strongly suggests that if the U.S. Dollar starts being bought again, it will fall strongly, making selling bearish turns at any of the identified resistance levels look like a good trade.
There is nothing due today concerning either the NZD or the USD.