NZD/USD Signal Update
Yesterday’s signals were not triggered and expired.
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
Go short following bearish price action on the H1 time frame immediately upon the next touch of 0.6668.
Put 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.
Remove 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to run.
Short Trade 2
Go short following bearish price action on the H1 time frame immediately upon the next touch of 0.6761.
Put 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.
Remove 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to run.
NZD/USD Analysis
This pair is now looking more bearish than its sister AUD/USD with which it usually is highly positively correlated. However the area at 0.6500 as can be seen in the chart below has acted as support now three times. This is likely to mean that if it continues to hold, we are going to see an upwards move, while a breakdown below that level should see a further fall with momentum.
There are resistance points not far above that could be nice levels to be positioned short off if the low does eventually break. On the other hand, if those resistance levels start to break, it suggests the upwards move will have already begun.
Regarding the NZD, there is a release of Retail Sales data at 11:45pm London time. Concerning the USD, there will be releases of Retail Sales and Unemployment Claims data at 1:30pm.