NZD/USD Signal Update
Yesterday’s signals were not triggered and expired.
Today’s NZD/USD Signals
Risk 0.75%
Trades may only be taken from 8am New York time until 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 0.6298.
* 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 0.6590.
* 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
The action in this pair remains dull and flat. The only item of interest is that the recent action has changed from a consolidating triangle to a narrow bullish channel. If you are really determined to trade this pair you might use the channel as a technical guide, at least until we reach either of the key levels.
Regarding the NZD, there will be releases of the GDT Price Index followed by Employment Change and Unemployment Rate data at 9:45pm London time. The Governor of the RBNZ will be speaking to a chamber of commerce at 11:45pm. There is nothing due concerning the USD.