Yesterday’s signals were not triggered as the bullish price action took place below 0.6882 but above 0.6869.
Today’s NZD/USD Signals
Risk 0.50%
Trades must be taken between 8am New York time and 5pm Tokyo time, during 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 0.6869.
- 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 Trade 1
- Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 0.6946.
- Place 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 has fallen back and is close to the middle of the very wide bearish channel that can be seen in the price below. It may be finding support right now at the time of writing at 0.6869. If the price gets established below that level, it is quite likely to fall further down to at least 0.6840. Overall, today’s opportunities will probably be in other currency pairs.
Regarding the USD, there will be a release of Building Permits data at 1:30pm London time. Concerning the NZD, there will be releases of GDT Price Index and PPI Input data later.