Last Thursday’s signals were not triggered as none of the key levels have been reached yet.
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.
Long Trades
- Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.7153 or 0.7117.
- 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 0.7241.
- 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
This pair remains in a reasonably reliable short to medium term bullish trend. However, the action is getting bouncier, and has formed a double bottom at 0.7170.
There are no strong reasons to not be bullish, although there is no long-term trend in this pair.
There is nothing due today concerning either the NZD or the USD.