NZD/USD Signal Update
Last Thursday’s signals produced a losing short trade from the bearish reversal that occurred at 0.6578.
Today’s NZD/USD Signals
Risk 0.75%
Trades may only be taken before 5pm Tokyo time today.
Long Trade 1
* Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.6500.
* 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 the broken inner bearish trend line, currently sitting at around 0.6470.
* 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 entry into the zone between 0.6600 and 0.6636, especially if the bearish rejection is confluent with the higher bearish trend line.
* 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
I wrote last Thursday that we 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. This is what turned out to be the case although we did reach the round number at 0.6600 in that bullish move.
Regarding the NZD, there is nothing due today. Concerning the USD, there will be an announcement from the Federal Reserve on an unknown topic.