Last Thursday’s signals were not triggered as there was no bearish price action at 0.7390.
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 Trade 1
- Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.7391.
- 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
- Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 0.7485.
- 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 looks bullish, is making new long-term highs, and is becoming more attractive to trade long. A bullish turn following a pull back to the area of 0.7391 should be an interesting opportunity if it arises.
There is nothing due today concerning either the NZD or the USD.