NZD/USD Signal Update
Yesterday’s signals expired as we did not reach 0.6873 until after the specified hours.
Today’s NZD/USD Signals
Risk 0.75%
Trades must be entered between 8am New York time and 5pm Tokyo time 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 0.6770.
* 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.
Long Trade 2
* Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.6700.
* 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
The uptrend remains healthy and intact still. However the price has just hit the major resistant hurdle at 0.6872. I am nervous to go short this pair at all but this level should be a difficult hurdle for the price to break past. I see some kind of pull back as a likely scenario here over the very short-term. Keep in mind that the NZD is really the strongest currency around right now, at least over the long term, so another bounce off the bullish trend line shown in the chart below should be a good opportunity for a long entry.
There is nothing due today concerning the NZD. Regarding the USD, there will be a release of CB Consumer Confidence data at 3pm London time.