NZD/USD Signal Update
Last Thursday’s signals expired without being triggered.
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 touch of 0.6450.
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.
Long Trade 2
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.6389.
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 has reached an exciting moment. We have seen some bullishness in the NZD, with resistance just below 0.6400 flipping to become support, and new support forming at the half number of 0.6450. However the price is also struggling to really get above the key psychological level of 0.6500, which is an area that was supportive for several weeks when a previous leg of the long-term downwards trend paused. This means that we might well get a fairly major reversal around here, which could then fall about 250 pips to test the recent lows. Alternatively, a clean break above 0.6550 could confirm the real start of a new bullish trend. Therefore we can expect a lot of activity and speculative interest in this pair, like its sister pair AUD/USD, making them both interesting pairs to trade right now.
Concerning the USD, there will be a release of Unemployment Claims data at 1:30pm London time, followed by ISM Manufacturing PMI at 3pm. Regarding the NZD, will be a release of GDT Price Index data later today.