NZD/USD Signal Update
Last Thursday’s signals might have produced a profitable long trade following the bounce up from just a few pips below the predicted support at 0.6600.
Today’s NZD/USD Signals
Risk 0.75%
Trades must be entered before 5pm Tokyo time.
Long Trade 1
* Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.6500.
* 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 0.6591.
* 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
We have had quite a sharp move up over recent hours which suggests we are more likely to move up in the near future than down, in spite of the strong downwards trend. The price almost reached the key psychological support at 0.6500. Everything now will probably depend upon whether we can break up above 0.6600 quite soon and stay above that level. If we cannot, then we will see another fall, but I think the price will manage to break above 0.6600.
There is nothing due today concerning the NZD or the USD.