Last Thursday’s signals were not triggered, as none of the key levels were reached that day.
Today’s NZD/USD Signals
Risk 0.50%.
Trades may only be entered from 8am New York time to 5pm Tokyo time, during the next 24-hour period.
Short Trades
Short entry following bearish price action on the H1 time frame immediately upon the next touch of 0.6822.
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
Long entry following bullish price action on the H1 time frame immediately upon the next touch of 0.6788.
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
I took a bearish bias on this pair last Thursday, which worked fine for several hours as the price continued to fall after getting established below the significant level of 0.6750. The price was down on the day, but then on Friday it turned around and rose sharply as the U.S. Dollar was hammered after President Trump’s remarks on over-valuation. Over the medium-term, the price has continued to range, and there are better opportunities elsewhere in the major currency pairs. The most that can be said is that the best approach is probably looking to fade exhaustion near 0.6822. I have a very weak short bias now between 0.6822 and 0.6788.
There is nothing important due today concerning either the NZD or the USD.