Last Tuesday’s signals were not triggered, as there was no bearish price action at 0.7344.
Today’s NZD/USD Signals
Risk 0.50%
Trades must be entered from 8am New York time to 5pm Tokyo time, during the next 24-hours only.
Short Trade
Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 0.7460.
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.
Long Trade
Go long entry following some bullish price action on the H1 time frame immediately upon the next touch of 0.7326.
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.
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
Despite the sharp fall in price and the relatively high volatility, the bullish structure is surviving here in this pair, with the key supportive trend lines continuing to hold. There is clear support near the nearest trend line, which is a sign that a retrace to the area would be more likely than usual to produce a high-probability long trade. The fact there has been a sharp fall also makes a rise more likely. For these reasons, I maintain a bullish bias on this pair
There is nothing important due today concerning either the NZD or the USD.