Yesterday's signals were not triggered, as there was no bullish price action at 0.6848.

Today's NZD/USD Signals

Risk 0.75%.

Trades may only be taken from 8am to 5pm Tokyo time Wednesday.

Short Trades

  • Go short following bearish price action on the H1 time frame immediately upon the next touch of 0.6855 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 Trades

  • Go long following bullish price action on the H1 time frame immediately upon the next touch of 0.6790.

  • 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.

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 due to the absence of trend I took no directional bias and saw the AUD/USD as a better pair to be trading than this one, as that was where the action is likely to be later during the Asian session. This was a good call. The picture is more bearish but less so than the AUD/USD currency pair. Either long or short trades from rejections of the nearest key levels are likely to be just as good as one another. I again take no directional bias today and think we will see more action in the AUD/USD currency pair.

NZDUSD

There is nothing of high importance due today regarding either the NZD or the USD.

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