Yesterday’s signals were not triggered as none of the key levels were ever reached.
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
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.6859.
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
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 0.6949.
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 price is threatening to fall again, but the pace of the downwards movement has slowed over recent days to a sideways, ranging motion. The U.S. Dollar weakness did not manifest itself very strongly in this pair which suggests a fall. The long-term trend is bearish and I have no good reason not to maintain a bearish bias.
There is nothing due today regarding the NZD. Concerning the USD, there will a release of PPI data at 12:30pm London time.