NZD/USD Signal Update
Last Thursday’s signals produced a profitable long trade off the rejection of 0.6700 confluent with the supportive trend line.
Today’s NZD/USD Signals
Risk 0.75%
Trades may only be taken between 8am New York and 5pm Tokyo times today.
Short Trade 1
* Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 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
As expected we have had a bullish bounce off the long-term supportive trend line which was confluent with the round number support at 0.6700. At the moment of writing it looks as if the move up may have stalled, and if we move back down to the 0.6700 level I am not eager for a long trade again, although it could be tried. However I think long-term trading against the USD at the moment, although if that does change, the NZD could be one of the best currencies to be long of against the USD at some point in the future.
Above the resistance at 0.6810 has a fairly strong double top so it might well provide to be a good area for a short entry again.
There is nothing due today concerning either the NZD or the USD.