Yesterday’s signals were not triggered as the bullish price action took place just below 0.6802.
Today’s NZD/USD Signals
Trades must be entered between 8am New York time Thursday and 5pm Tokyo time Friday.
Go short following bearish price action on the H1 time frame immediately upon the next touch of 0.6871 or 0.6902.
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 run.
Long entry following bullish price action on the H1 time frame immediately upon the next touch of 0.6790 or 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 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.
I wrote yesterday that the odds would be with the bulls at a bottom just above 0.6800 and below that it would be likely to drift down to at least the 0.6750 area. I was wrong enough for this to hurt: there was a bottom, but it was just below 0.6800 and we have seen a bullish recovery from there.
There is no direction here on any time frame except the shortest. This indicates that the best opportunities which could arise here in this pair are fast reversals on short time frames at the extremes of price at 0.6708 and 0.6902. It is a very similar situation to the highly correlated AUD/USD currency pair.There is nothing of high importance due today regarding the NZD.
Concerning the USD, there will be releases of Retail Sales and PPI data at 1:30pm London time.
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