NZD/USD Signal Update
Yesterday’s signals were not triggered as there was no bearish price action at 0.7143.
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 0.6549.
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 run.
Long Trade 2
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.6451.
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 run.
Short Trade 1
Go short following some bearish price action on the H1 time frame immediately upon the next touch of 0.6761.
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 run.
NZD/USD Analysis
I wrote yesterday that “a clean break above 0.6550 could confirm the real start of a new bullish trend”. We now have that clean break and the NZD is very strong right now. Along with the AUD, it is at the centre of speculative interest. It is looking very likely that this pair is going to soon close a week at a higher level than 3 months ago, which would be a key sign of trend change.
There is also likely to be some resistance at the round number of 0.6700, although it is very unlikely that we are going to reach that price within the next 24 hours.
The previous resistance at 0.6549 has flipped and now will probably act as support.
There are no high-impact releases due today concerning either the NZD or the USD.