NZD/USD Signal Update
Yesterday’s signals produced a short trade off the rejection of the resistance level at 0.6591, with a bearish pin bar forming on the hourly chart. This trade is still more or less at breakeven at the time of writing.
Today’s NZD/USD Signals
Risk 0.75%
Trades must be taken from 8am New York time until 5pm Tokyo time only.
Long Trade 1
* Long entry 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 touch of 0.6591.
* 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
I wrote two days ago that if we could not break up above 0.6600 quite soon and stay above that level, then we would probably see another fall, but I thought the price will manage to break above 0.6600. We still do not have an answer to this question, with the price remaining fairly flat. I thought yesterday it might take another 24 hours and so it has proven. However now at the time of writing, a fall down to 0.6530 at least looks like the most probable next short-term move.
There is nothing due today concerning the NZD. Regarding the USD, there will be a release of Crude Oil Inventories at 3:30pm London time.