Last Thursday’s signals were not triggered as none of the key levels were reached during that session.
Today’s NZD/USD Signals
Risk 0.75%
Trades must be entered from 8am New York time until 5pm Tokyo time, over 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 0.6996.
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 entry into the zone between 0.7087 and 0.7114.
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
This pair is looking more bullish, in line with the general weakness in the U.S. Dollar. Interestingly, the NZD is now more bullish than the AUD, which is a major change from recent weeks. We are near a long-term bottom, so the next intermediate move is probably most likely to be bullish, and this should continue while the greenback remains weak. The fact that the psychologically key level of 0.7000 is below the price should add a little support.
There is nothing due today concerning either the NZD or the USD.