Yesterday’s signals were not triggered as none 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
- Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.7300.
- 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
- Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 0.7391.
- 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
I forecasted yesterday that this pair is going to make a deeper pull back before being able to break above 0.7391, if it all. I saw the round number at 0.7300 as the logical next powerful support which will be reached before this can happen. The scenario is unchanged and the weak bullish channel’s trend lines are intact.
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.