Last Thursday’s signals were not triggered as there was no bullish price action at 0.7075 or 0.7043.
Today’s NZD/USD Signals
Risk 0.75%
Trades must only be taken between 8am New York time and 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 0.6978.
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 Trades
Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 0.7068 or 0.7111.
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, after falling heavily and sharply, looks to have carved out a bottom at the very big whole number of 0.7000, which is also an important psychological number. It is now having difficulty in breaking up above the support turned to resistance at 0.7043. If it does do so, it will face several probable levels of resistance. The pair has fallen with strong momentum and is in a long-term and medium-term bearish trend, so shorting at reversals off bearish rejections of those levels is likely to be the highest probability trade type available soon here
There is nothing due today concerning either the NZD or the USD.