Yesterday’s signals were not triggered, as there was no bearish price action at 0.7485.
Today’s NZD/USD Signals
Trades must be taken from 8am New York time until 5pm Tokyo time, during the next 24-hour period only.
Long Trade 1
· Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.7485.
· Place the stop loss 1 pip below the local swing low.
· 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.
I made a good call yesterday in predicting another upwards movement, with the price making a bullish triple tap off a medium-term trend line shown in the chart below which has acted as both support and resistance. The price has retreated from the highs printed by the very strong move that was made after the FOMC release weakened the U.S. Dollar, creating a new 2-year high, but the retracement, at least so far, is relatively shallow, which leaves this as one of the most bullish of all currency pairs. There is likely to be some resistance a little short of 0.7800 some way ahead, but no obvious levels apart from that, so the price looks set to continue its rise over the coming days.
There is nothing due today concerning the NZD. Regarding the USD, there will be a release of Crude Oil Inventories data at 3pm London time, followed by the FOMC Statement and Federal Funds Rate at 7pm.