NZD/USD Signal Update
Yesterday’s signals were not triggered as the price action happened at the wrong levels.
Today’s NZD/USD Signals
Risk 0.75%
Trades must be taken between 8am New York time and 5pm Tokyo time only.
Long Trade 1
* Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.6500, especially if this rejection is confluent with a touch of the broken bearish inner trend line currently sitting nearby at around 0.6490.
* 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 0.6390.
* 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 0.6578.
* 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.
Short Trade 2
* Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 0.6635.
* 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
We have had a break of a bearish inner trend line and the anticipated resistance at 0.6500 but so far it does not look very convincing. The price looks to be falling again now, reaching to retest this key round number and broken trend line from the other side. The result of that test will be a crucial sign signalling the probable next direction.
There is nothing due today regarding the NZD. Concerning the USD, there will be a release of Unemployment Claims data at 1:30pm London time, followed by the Philly Fed Manufacturing Index at 5pm.