NZD/USD Signal Update
Yesterday’s signals produced a profitable long trade off the rejection of the support level at 0.6600.
Today’s NZD/USD Signals
Risk 0.75%
Trades may only be made from 8am New York until 5pm Tokyo times today.
Long Trade 1
* Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.6700.
* 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 0.6600.
* 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 penetration into the zone between 0.6790 and 0.6810.
* 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
Last night the RBNZ cut their interest rate by 0.25% as the market consensus expected. However as the Bank also signalled that they were comfortably on target regarding inflation, the market actually saw this as something of a tightening, or at least not any kind of easing, so this pair rose somewhat, but not by a great deal. The price initially broke up past 0.6700 and has remained, although when London opened there was no enthusiasm to push the price up again. However the price is not far from the round number at 0.6700 which might provide another bullish thrust.
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.