By: DailyForex.com
NZD/USD Signal Update
Yesterday’s signals were not triggered as none of the key price levels were hit.
Today’s NZD/USD Signals
Risk 0.75%
Trades may only be entered between 8am New York time and 5pm Tokyo time.
Long Trade 1
* Go long 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 run.
Long Trade 2
* Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.6390.
* 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 0.6500. It will be ideal if this rejection also touches the bearish trend line close by.
* 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.
Short Trade 2
* Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 0.6578.
* 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
This pair has done very little over the previous 24 hours. It has certainly reacted very bearishly lately to USD bullishness, so more of that later after the FOMC report could drive the price down fairly sharply. Other than that, a more bullish picture might emerge if 0.6500 and the inner bearish trend line shown in the chart below are broken to the upside.
There is nothing due today regarding the NZD. Concerning the USD, there will be a release of Building Permits data at 1:30pm London time, followed by the FOMC Meeting Minutes at 7pm.