Yesterday’s signals were not triggered as neither of the key levels were ever reached.
Today’s NZD/USD Signals
Risk 0.50%
Trades must be taken from 8am New York time until 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 0.6986.
- 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 0.7087.
- 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
Although the pair has been selling off a little over recent hours, the medium-term bullish trend remains intact, with support levels and trend lines all holding steady, and a structure of higher lows and higher highs. The New Zealand Dollar has been the most bullish currency this week. The fact that the price is also getting established above the big psychological round number at 0.7000 is also important.
The long-term trend is indeterminate.
There is nothing due today concerning the NZD. Regarding the USD, there will be a release of Unemployment Claims data at 1:30pm London time.