Yesterday’s signals were not triggered as there was no bullish price action at either of the key support levels which have been reached.
Today’s NZD/USD Signals
Risk 0.50%
Trades may only be taken between 8am New York time and 5pm Tokyo time, over the next 24-hour period only.
Long Trade 1
* Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of the trend line at about 0.6915.
* Place 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 0.6960 or 0.6986.
* 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 clearly headed downwards and as expected, the bullish move was fragile.
There is nothing due today regarding the NZD. Concerning the USD, there will be a release of CB Consumer Confidence data at 3pm London time.