Yesterday’s signals were not triggered as none of the key levels were ever reached.
Today’s NZD/USD Signals
Risk 0.75%
Trades must be taken from 8am New York time until 5pm Tokyo time, during the next 24-hour period only.
Long Trades
- Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.7275 or 0.7253.
- 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 some bearish price action 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
There is a long-term bullish trend, but after failing to get above the 0.7340 area, the price has now fallen sharply back down towards the nearest support level at 0.7275, where it might soon some short-term. It does look as if the price will fall back down to that level, and as we had a meaningful bullish bounce there before, it could well happen again, so that is the key development to watch for here. If it is broken, then the support confluent with 0.7250 could be very interesting as it is such an important psychological level here.
There is nothing due today concerning either the NZD or the USD.