NZD/USD Signal Update
Last Thursday’s signals expired without being triggered.
Today’s NZD/USD Signals
Risk 0.75%
Trades may be taken only from 8am New York to 5pm Tokyo times today.
Long Trade 2
* 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.
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 thought last Thursday that we would shortly reach the round number of 0.6600 which might have given a good short opportunity. We got to within just a few pips of that level before the price fell, almost reaching the support at 0.6500.
This pair is now between support at 0.6500 and resistance at 0.6600. The resistance is probably stronger, and it is currently very confluent with a long-term bearish trend line.
The NZD is the strongest currency after the USD and JPY so this pair might not move very much in any direction.
There is nothing due today regarding the NZD or the USD.