NZD/USD Signal Update
Yesterday’s signals were not triggered and expired.
Today’s NZD/USD Signals
Risk 0.75%
Trades may only be entered from 8am New York time until 5pm Tokyo time today.
Long Trade 1
* Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.6298.
* 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.
* 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.
Short Trade 1
* Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 0.6506.
* Place the stop loss 1 pip above the local swing high.
* Adjust 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.
NZD/USD Analysis
The pair has been falling in line with the recent USD strengthening but this pair is not really where the action is. The price action is quite choppy, we have no key levels very close by so for all these reasons I see this as a relatively unattractive pair to trade at the moment.
Interestingly, I would say that the NZD is currently looking weaker than the AUD, and if this is maintained it represents a change from the reversed position which has been more typical over recent weeks and months.
Concerning the USD, there will be a release of CB Consumer Confidence data at 3pm London time. There is nothing due regarding the NZD.