NZD/USD Signal Update
Last Thursday’s signals produced a profitable short trade triggered when the price was below 0.6840 at 2pm London time.
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 0.6740.
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 run.
Short Trade 1
Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 0.6872.
Put 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.
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
The resistance I foresaw at 0.6872 was enough to halt this pair’s strong advance, at least temporarily. The USD weakness has subsided but note that in spite of the pull back this pair has held up quite well: a bullish sign.
There is major support below at 0.6740 and minor support at 0.6780.
There is minor resistance above at 0.6825 and major resistance at 0.6872.
I doubt that either of the major levels will be reached today.
There are no high-impact releases due today concerning either the NZD or the USD.