Yesterday’s signals were not triggered, as there was insufficiently bullish price action at 0.6708.

Today’s NZD/USD Signals

Risk 0.75%.

Trades may only be taken between 8am New York time Wednesday and 5pm Tokyo time Thursday.

Short Trade

  • Go short following bearish price action on the H1 time frame immediately upon the next touch of 0.6853.

  • 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 Trade

  • Go long following bullish price action on the H1 time frame immediately upon the next touch of 0.6708.

  • 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 the technical situation seemed to be a mixed picture, but I would be more inclined to be bullish if the price had risen from the lower support level of 0.6771 to break the trend line and get established above 0.6825. It failed to so and instead has drifted lower in gentle swings with bullish retracements. The picture is somewhat more bearish today as support has been invalidated but it may be that the big psychological level at 0.6750 plus the trend line currently confluent with it will hold the price up. Due to this relatively even balance, and the fact that the AUD is more bearish than the NZD at present. I would avoid trading this pair today as it still looks quite evenly balanced between bulls and bears.

NZDUSD

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

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