Yesterday’s signals may have produced a long trade which gave the minimum 20 pips of profit, although by the time the trade was triggered the level had arguably been invalidated.
Today’s NZD/USD Signals
Risk 0.75%
Trades may be entered between 8am New York time and 5pm Tokyo time, during the next 24-hour period only.
Long Trades
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.7075 or 0.7043.
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 0.7187 or 0.7240.
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
This pair continued to fall yesterday, albeit less quickly than it had done so the previous day, with the key support level at 0.7119 holding for a few hours and then breaking down. Over recent weeks we have seen the former strength in the NZD fade away, and this seems to have further confirmed that situation.
The price now looks to be heading towards the 0.7000 – 0.7100 area where there is significant support, especially at the very large whole number of 0.7000 where long-term buyers are likely to become interested.
There is nothing due today concerning the NZD. Regarding the USD, there will be a release Unemployment Claims data at 1:30pm London time.