NZD/USD Signal Update
Yesterday’s signals were not triggered and expired as the price never reached either of the key levels given.
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 0.6780.
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.
Long Trade 2
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.6740.
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
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 0.6872.
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
Yesterday I identified minor support at 0.6780.and minor resistance at 0.6825. These numbers have proved to be quite important and are telling a bullish story, as it now looks increasingly likely that we are going to see a move up to 0.6872 provided that the price can break up above 0.6840, which is also showing some minor resistance.
The bullishness is betrayed by the facts that 0.6780 held as a low and be the break this morning shortly after the London open above the top of the channel at 0.6825.
There are no high-impact releases due today concerning the NZD. Regarding the USD, there will be a release of Building Permits data at 1:30pm London time.