NZD/USD Signal Update
Yesterday’s signals were not triggered as there was no bearish price action at 0.6700.
Today’s NZD/USD Signals
Risk 0.75%
Trades must 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 entry into the zone between 0.6609 and 0.6557.
* 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 entry into the zone between 0.6747 and 0.6770.
* 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 NZD has shown some bullishness along with the AUD over the past day or so, moving up before inflecting and creating a new bearish trend line.
The pair is basically looking as if it will range between the clear zones of support and resistance shown in the chart, however it looks as if overall the bulls have a slight upper hand.
A sustained break up above 0.6770 would suggest a long-term bullish trend has truly got underway.
There is nothing due today concerning the NZD. Regarding the USD, there will be a release of CB Consumer Confidence data at 3pm.