NZD/USD Signal Update
Last Thursday’s signals produced a profitable long trade with a bullish inside candle rejecting the support at 0.6609.
Today’s NZD/USD Signals
Risk 0.75%
Trades may only be entered between 8am New York time and 5pm Tokyo time.
Long Trade 1
* Go long following a bullish price action reversal on the H1 time frame immediately upon the next entry into the zone between 0.6609 and 0.6557.
* 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 rejection of the bearish trend line currently sitting at 0.6700.
* 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.
Short Trade 2
* Go short following a bearish price action reversal on the H1 time frame immediately upon the next entry into the zone between 0.6747 and 0.6770.
* 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
Technically we must readjust: the old long-term supportive trend line has been invalidated, but we have a new trend line that has survived for about 1 month. We also have a possible bearish trend line forming above and if this line holds, we will be within a consolidating triangle.
There is nothing due today concerning either the NZD or the USD.