NZD/USD Signal Update
Yesterday’s signals might technically have given a long trade with a small profit off 0.6500, but after the spike all the way down to 0.6200 it would have looked to be a very unattractive and foolish trade.
Today’s NZD/USD Signals
Risk 0.75%
Trades may only be taken between 8am and 5pm New York time only, or after 8am Tokyo time later.
Short Trade 1
• Short entry following bearish price action on the H1 time frame immediately upon the next touch of 0.6549.
• 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.
Short Trade 2
• Short entry following bearish price action on the H1 time frame immediately upon the next touch of 0.6761.
• 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.
Long Trade 1
• Long entry following a bullish price action reversal on the H1 time frame immediately upon the next entry into the zone between 0.6439 and 0.6425.
• Place the stop loss 1 pip below the local swing low.
• 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 price reaches 0.7300 and leave the remainder of the position to ride.
NZD/USD Analysis
This pair behaved very like its sister pair, AUD/USD, yesterday during the very heavy volatility. However there was a difference: the NZD came back more strongly against the USD to be unchanged and is now even rising above that level. Although the spike down reached all the way to just below 0.6200, we can see after another move down that there was a supportive zone from 0.6438 to 0.6425, so that is the next spot to look for support. Above, there is a new flipped support to resistance level at 0.6549.
Concerning the NZD, there will be a release of Trade Balance data at 11:45pm London time. Regarding the USD, there will be a release of CB Consumer Confidence data at 3pm.