By: DailyForex.com
NZD/USD Signal Update
Last Thursday’s signals were not triggered and expired.
Today’s NZD/USD Signals
Risk 0.75%
Trades may only be taken from 8am New York time until 5pm Tokyo time 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 0.6760.
* 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.
Short Trade 1
* Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 0.6872.
* 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
The uptrend remains healthy and intact. The price has just exceeded its level of 6 months ago, and is well above its level of 3 months ago as well. This means that we can safely say that the NZD is the strongest global currency overall right now. There are no other major speculative currencies that are showing this kind of advance on the USD. Therefore the wiser picture is looking bullish overall. Opportunities for long entries should lie at both the trend line – which has held for about 6 weeks now and has no ambiguity – and perhaps also at the round number of 0.6700.
Above, the major resistant hurdle is at 0.6872.
There is nothing due concerning the USD or the NZD.