By: DailyForex.com
NZD/USD Signal Update
Yesterday’s signals expired without being triggered.
Today’s NZD/USD Signals
Risk 0.75%
Trades may only be taken between 8am New York and 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 the bullish trend line currently sitting at around 0.6732.
* 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 0.6700.
* 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.
NZD/USD Analysis
The uptrend remains intact, although there is clearly strong selling every time the price gets to 0.6825. As we have just been there, I would not be looking for a short there just yet.
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 0.6740 as well as the trend line. A confluence of that price with the trend line should be powerful.
Regarding the USD, there will be a release of Core Durable Goods Orders data at 1:30pm London time. There is nothing due concerning the NZD.