NZD/USD Signal Update
There are no outstanding signals.
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 0.6668.
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 bearish price action on the H1 time frame immediately upon the next touch of 0.6500.
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 trade is 20 pips in profit and leave the remainder of the position to ride.
NZD/USD Analysis
The NZD is in a fairly similar position to the AUD. Both have experienced sustained and strong downward trends against the USD, and central banks of both antipodean currencies have recently signalled that as far as they are concerned, these depreciations have gone far enough. This means we may be seeing the beginning of a trend change or at the very least, a deep pull back. Also, the bullish bounces in both currencies have been off key psychological levels: in the case of the NZD, it is 0.6500.
This suggests that there are going to be opportunities in both directions now. The AUD certainly is looking stronger than the NZD, which means that a new short would probably best be entered in this pair. If we get up to the 0.6675 area, that looks like being the first such opportunity that is likely to present itself.
There is nothing due today regarding the NZD. Concerning the USD, FOMC Member Lockheart will be speaking at 5:25pm London time.