By: DailyForex.com
NZD/USD Signal Update
Yesterday’s signals might have produced a losing short trade during the earlier Asian session as the price seemed to reject the resistance at 0.6810.
Today’s NZD/USD Signals
Risk 0.75%
Trades must be entered from 8am New York to 5pm Tokyo times today only.
Long Trade 1
* Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of the bullish trend line currently sitting at around 0.6725.
* 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 0.6872.
* 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
This pair has made a new high and is spending a few hours at least above the anticipated resistance at 0.6810. We have also reached a price that is about the same as it was 6 months ago and so we can begin to say that the NZD is showing long-term strength against the USD, just as the Japanese Yen is.
There is a very clear upwards trend, supported by a trend line for over one month now with no ambiguity.
There may be minor support at 0.6750 which is a psychologically significant number for this pair.
A break above 0.6872 would be an extremely bullish sign.
Regarding the USD, there will be a release of Final GDP data at 1:30pm London time. Concerning the NZD, there will be a release of Trade Balance data at 9:45pm.