NZD/USD Signal Update
Yesterday’s signals expired without being triggered as none of the key levels were reached.
Today’s NZD/USD Signals
Risk 0.75%
Trades may only be taken from 8am New York until 5pm Tokyo times 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 0.6437.
* 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
* 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.
* 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
This pair is essentially following AUD/USD, albeit with less bullishness, so it is not really getting a lot of attention. Nevertheless the key level at 0.6500 was strongly supportive so another trip down there looks as if it could be a great set-up for a long. The area above 0.6600 also looks like great resistance technically. Therefore there could be really good trades at either round number in opposite directions.
The key with this pair is really to only trade it during New York and Asian hours.
Regarding the NZD, there will be a release of Trade Balance data at 9:45pm London time. Concerning the USD, there will a release of Core Durable Goods Orders and Unemployment Claims data at 1:30pm.