Last Thursday’s signals were not triggered as none of the key levels were ever reached.
Today’s NZD/USD Signals
Risk 0.50%
Trades may only be entered between 8am and 5pm Tokyo time, over the next 24-hour period.
Long Trade 1
- Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.6986.
- Put 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
- Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 0.7087.
- Put 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
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 was the most bullish currency last 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, but the short to medium term outlook remains bullish.
There is nothing due today concerning either the NZD or the USD. It is a public holiday in the U.S.A.