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
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next entry into the zone between 0.6250 and 0.6195.
Put 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.
Remove 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 some 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.
NZD/USD Analysis
This pair, although in a very bearish long-term downwards trend, continues to show signs of firming up and being well supported from 0.6250. If it continues upwards, the next test is the round number at 0.6400, followed by the swing high at 0.6455 or thereabouts. Finally, there should be strong resistance above 0.6500.
There is nothing important due today regarding the NZD. Concerning the USD, there will be a release of ADP Non-Farm Employment Change data at 1:15pm London time. At 8pm, the Chair of the Federal Reserve will be speaking.