Last Thursday’s signals were not triggered, as none of the key levels were ever reached.
Today’s NZD/USD Signals
Risk 0.75%.
Trades may only be entered between 8am New York time and 5pm Tokyo time today.
Short Trade
Go short following bearish price action on the H1 time frame immediately upon the next touch of 0.6899.
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 last Thursday the price was making new lows and I expect that it would continues down to 0.6708 at least, so I took a bearish bias above that price.
This was a good call but the downwards movement took more time to play out, so it wasn’t very tradable during last Thursday’s session.
The price is now finally close to a clear and key support level at 0.6708 so we may see the beginning of a bullish turn here. However, it may take some time to play out.
There is nothing important due regarding either the USD or the NZD. It is a public holiday in the USA today.