NZD/USD Signal Update
Yesterday’s signals were not triggered and expired.
Today’s NZD/USD Signals
Risk 0.75%
Trades must be made between 8am and 5pm New York time only, or after 8am Tokyo time later.
Long Trade 1
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.6250.
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
Go short following bearish price action on the H1 time frame immediately upon the next touch of 0.6548.
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
This pair is one of the most bearish of all the USD currency pairs. Yesterday the price broke below the short-term supportive trend line, but not very strongly, and the price is currently hovering just below that trend line which now may be acting as resistance.
In spite of that, the price is remaining too close to the trend line for comfortable shorts off it, so even though I remain broadly bearish on this pair, I think it could be a bit too risky trying to short off that broken trend line.
Therefore I do not see any really good support or resistance trades between 0.6250 and above 0.6500. The support might start a little before 0.6250.
There is nothing due today regarding either the NZD or the USD.