NZD/USD Signal Update
Yesterday’s signals produced a losing short trade following the bearish break of the pin candle reversing at 0.6636.
Today’s NZD/USD Signals
Risk 0.75%
Trades may only be entered between 8am New York and 5pm Tokyo times today.
Long Trade 2
* Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.6500.
* 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 0.6703.
* 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 has been the biggest mover, breaking upwards bullishly. It should be remembered that over the long-term, the NZD is the strongest currency after the USD, and so is often best placed to profit from bearish USD sentiment when that occurs.
The former resistance around 0.6600 has been knocked out but I do not see it flipping clearly, so the nearest good support for the time being seems to remain at the key round number of 0.6500.
There is nothing due today regarding the NZD. Concerning the USD, there will be a release of ISM Manufacturing PMI data at 3pm London time.