NZD/USD Signal Update
Last Thursday’s signals were not triggered as the price did not hit any of the key levels during the hours specified. Note how the level at 0.9398 has acted as good tradable support.
Today’s NZD/USD Signals
Risk 0.75%
Trades must be taken between 8am New York time and 5pm Tokyo time today.
Long Trade 1
* Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.6390.
* 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 0.6506.
* 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 NZD fell against the USD just like all the other commodity currencies did, but it is worth noting that the NZD retains some residual strength, certainly compared with the AUD. What is nice about this pair is that it is respecting horizontal support and resistance levels quite precisely, especially where they are confluent with round numbers, making this pair relatively easy to trade. If we get back down to 0.6390 and it holds, forming a double bottom, which could be a sign of an important medium-term reversal.
There is nothing due today concerning the NZD. Regarding the USD, it is a public holiday in the USA today.