NZD/USD Signal Update
Last Thursday’s signals expired without being triggered.
Today’s NZD/USD Signals
Risk 0.75%
Trades must be entered between 8am New York time and 5pm Tokyo time only.
Long Trade 1
* Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.6298.
* 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 0.6590.
* 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 last week that the bearish trend line could be a place at which to look for a short and this might have brought a few pips. However the upper limit was not so well respected. In any case we can now draw a consolidating triangle from where we might be breaking out in the near future. I prefer to use the horizontal levels and unfortunately there is really nothing very near the current price. Overall, the action here has been very boring, with better opportunities just about anywhere else.
Concerning the USD, there will be a release of ISM Manufacturing data at 3pm London time. There is nothing due regarding the NZD.