Yesterday’s signals were not triggered, as none of the key levels were reached.
Today’s NZD/USD Signals
Trades may only be entered from 8am New York time until 5pm Tokyo time, over the next 24-hour period.
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.
I wrote yesterday that the picture looked bearish and the price could fall much further. I took a bearish bias until at least 0.6840 and saw a good possibility that the price might break significantly lower than that over the coming days. This was a pretty good call as the price continued to fall to 0.6840 in the hours after my forecast before finding some support after briefly spiking down below that level. It is now much less clear what is most likely to happen next but the only strong technical feature to watch out for is the cluster of the two resistance levels above. I think it is probable that the price will consolidate between 0.6900 and 0.6840 over the next day.
There is nothing important due today concerning either the NZD or the USD.
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