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 made from 8am New York until 5pm Tokyo times today.
Long Trade 1
* Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.6600.
* 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 the trend line currently sitting at around 0.6533.
* 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 3
* Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.6500.
* 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 entry into the zone between 0.6790 and 0.6810.
* 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 began to fall again during the previous Asian session and this morning it has touched a key support level at the round number of 0.6600. The price should be watched carefully here to see if it turns with a bullish rejection. I expect the level should probably hold as there is an important central bank announcement tonight concerning the NZD. Although the price may not travel very far before this announcement, if the NZD base rate is not cut, the price could rise, and being positioned long from 0.6600 could be advantageous.
There is nothing due today regarding the USD. Concerning the NZD, there will be a release of the RBNZ Rate Statement and Official Cash Rate at 8pm London time, followed by the usual RBNZ press conference.