NZD/USD Signal Update
Last Thursday’s signals produced a nicely profitable short trade following the pin candle rejecting the resistance level at 0.6770. This could be a good trade to hold if the price cannot cross back up above the broken trend line shown in the chart below.
Today’s NZD/USD Signals
Risk 0.75%
Trades may only be taken 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 touch 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 touch of the broken trend line currently sitting at 0.6630.
* 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 price just cannot get up above 0.6770, where it could begin to start making new multi-month highs. The pair remains within its long-term range. The weekend saw a gap below the formerly supportive trend line and this may now flip to mobile resistance. Below, there is a very important level at 0.6557.
There is nothing due today concerning either the NZD or the USD.