NZD/USD Signal Update
Yesterday’s signals were not triggered and expired.
Today’s NZD/USD Signals
Risk 0.75%
Trades may only be entered from 8am New York time until 5pm Tokyo time today.
Long Trade 1
* Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.6298.
* 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 0.6506.
* 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
Interestingly this pair is starting to look more bearish than its sister pair AUD/USD. However the action has been a little choppy recently so there are no key levels between 0.6506 and 0.6298 and we are more or less halfway between them. This suggests that we are going to consolidate now and also that better trading opportunities today are probably going to be found away from this Forex pair.
There is nothing due today concerning the NZD. Regarding the USD, there will be releases of Unemployment Claims data and the Philly Fed Manufacturing Index at 1:30pm London time.