Yesterday’s signals were not triggered, as none of the key levels were ever reached.
Today’s NZD/USD Signals
Risk 0.75%.
Trades must be entered from 8am New York time until 5pm Tokyo time today only.
Short Trades
Short entry following bearish price action on the H1 time frame immediately upon the next touch of 0.6899 or 0.6910.
Put 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 Trade
Long entry following bullish price action on the H1 time frame immediately upon the next touch of 0.6708.
Put 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.
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 the picture has become even more bearish, and it looked as if we were going to see still lower prices. We did, in fact the strongest movement in the Forex market has been happening in this pair over recent hours as the price has continued, and still continues, to fall. However, I also though that a clean downwards movement was unlikely to continue for very long. I was wrong about that, thinking there was not a good opportunity here when there was.
The price is making new lows as I speak and I expect that it will continues down to 0.6708 at least, so I take a bearish bias above that price today.
If the price then goes on to break below 0.6700 and stay there for a couple of hours, that would be a very bearish sign.
There is nothing important due regarding either the USD or the NZD.