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 and 10am New York times today.
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 0.6750.
* 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 0.6825.
* 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
The price looks to be trying yet again to break up past 0.6825. Breakout traders might be interested in taking a long break of that level as there have been several recent attempts so another stab could be likely to be successful. However it is quite likely that we will not get the energy for a real break today as it is going to be a very thin market. Alternatively, a strong failure at this level should see a fall down to 0.6750 and possible even a dramatic break below the supportive trend line which has held for more than a month now.
Regarding the USD, there will be a release of Unemployment Claims data at 1:30pm London time. There is nothing due concerning the NZD.