Yesterday’s signals were not triggered, as no key levels were reached.
Today’s NZD/USD Signals
Risk 0.75%.
Trades may only be entered between 8am New York time and 5pm Tokyo time, during the next 24-hour period.
Short Trade
Short entry following bearish price action on the H1 time frame immediately upon the next touch of 0.6772.
Place 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 Trades
Long entry following bullish price action on the H1 time frame immediately upon the next touch of 0.6698 or 0.6635.
Place 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 wrote yesterday that despite the generally bullish environment for the U.S. Dollar, it was notable that the NZD has held up better than the AUD, so we may well see a good bullish bounce at the support level confluent with the round number at 0.6700. The number was never reached, and we see instead a medium-term consolidation pattern which is very neutral. I think that if the U.S. Dollar starts selling off, being long of this pair would be a very good place to be. I would take a bullish bias today once the price had traded above 0.6772 for a couple of hours.
There is nothing important due today concerning either the NZD or the USD.