Yesterday’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 taken from 8am New York time until 5pm Tokyo time, over the next 24-hour period.
Short Trades
Short entry following bearish price action on the H1 time frame immediately upon the next touch of 0.6899 or 0.6910.
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 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.
NZD/USD Analysis
I wrote yesterday that I still saw nothing else in the chart to watch out for except the cluster of two resistance levels at about 0.6900, but I would want to see this recent bullish momentum cool off for a few hours before I’d have any confidence in a bearish turn there. A slow turn around at 0.6900 would have given me a bearish directional bias.
In the end, the price has just gone sideways over the past 24 hours, so there is nothing to change my analysis yesterday or to give any new key levels to work with.
I would take a bearish bias later if we get a strongly bearish rejection at an attempt to break up above 0.6900.
Regarding the USD, there will be a release of the FOMC Economic Projections, Statement, and Federal Funds Rate at 7pm London time followed by the usual press conference half an hour later. Concerning the NZD, there will be a release of GDP data at 11:45pm.