NZD/USD Signal Update
Yesterday’s signals gave a losing long trade following the bullish pin bar on the H1 chart that set up during the Asian session.
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, provided the candle closes above the trend line currently sitting at around 0.6603.
* 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 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
The question now for this pair is really whether the supportive trend line and the support below that at 0.6557 will hold. If we get a strong rejection of the supportive trend line just after New York opens, that will be a good sign that the price is going to go up, but at the time of writing that looks far from certain with the USD quite strong across the board.
There is nothing due today concerning the NZD. Regarding the USD, there will be a release of Crude Oil Inventories data at 3:30pm London time.