Last Thursday’s signals were not triggered, as neither of the key levels were reached that day.
Today’s NZD/USD Signals
Risk 0.75%
Trades may only be taken from 8am New York time to 5pm Tokyo time, during 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 entry into the zone between 0.6880 and 0.6865.
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 some bearish price action on the H1 time frame immediately upon the next touch of 0.6934.
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
The medium-term price rise looks to be over now, as the price broke below the bullish wedge shown in the chart below in recent hours, and fell from a failed test of the broken supportive trend line from the other side. This suggests that the price will most likely continue downwards to test the major zone of support which begins at 0.6880. However, there is a long way to go to that level, so over the short term we may see another test of the newly resistant area at 0.6934, which might provide an excellent opportunity to enter short.
There is nothing important due today concerning either the NZD or the USD.