Yesterday’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 New York time and 5pm Tokyo time, over the next 24-hour period.
Long Trades
- Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.7153 or 0.7117.
- 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 0.7241.
- 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
This pair remains in a very reliable short to medium term bullish trend. In fact, the trend is strengthening, and the break above the upper trend line of the previous channel was another strongly bullish sign.
There are no strong reasons to not be bullish, although the very steep angle of the new bullish trend probably will not be sustainable for long.
There is no long-term trend in this pair.
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.