Yesterday’s signals were not triggered, as there was no bearish price action when the price reached 0.6822.
Today’s NZD/USD Signals
Risk 0.50%.
Trades must be taken between 8am New York time and 5pm Tokyo time, over the next 24-hour period.
Short Trade
Go short following bearish price action on the H1 time frame immediately upon the next touch of 0.6857.
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.
Long Trades
Go long following bullish price action on the H1 time frame immediately upon the next touch of 0.6812, 0.6787 or 0.6750.
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.
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 wrote yesterday that I thought the resistance at 0.6822 looked likely to be strong, and that a break above 0.6822 would be a bullish sign. That resistance did not hold, it broke, which was a bullish sign, and although the price hasn’t really gone anywhere in recent hours, the overall picture is certainly more bullish now, with a new obvious higher support level at 0.6812. I am weakly bullish today above 0.6812.
Regarding the USD, there will be a release of CB Consumer Confidence data at 3pm London time. Concerning the NZD, there will be a release of Employment Change and Unemployment Rate data at 11:45pm.