By: DailyForex.com
NZD/USD Signal Update
Yesterday’s signals expired without being triggered.
Today’s NZD/USD Signals
Risk 0.75%
Trades must only be entered 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.
Short Trade 1
* Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 0.6703.
* 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
Although this pair usually moves in sync with the AUD/USD pair, and the NZD had been even stronger than the AUD, the upwards move here has seemingly run out of steam before the AUD did. The price action is suggesting that we are just going to chop around in between the round numbers either side of where the price is right now. The good news is that if this is what happens, it might well give chances to fade both of these round numbers for both long and short profit.
There is nothing due today regarding the NZD. Concerning the USD, there will be a release of the ADP Non-Farm Employment Change at 1:15pm London time. Later at 5:25pm the Chair of the Fed will be speaking.