NZD/USD Signal Update
Yesterday’s signals were not triggered as neither of the key levels were reached during the allotted time.
Today’s NZD/USD Signals
Risk 0.75%
Trades must 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 touch of the supportive trend line currently placed at around 0.6475.
* 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 0.6693.
* 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 strong New Zealand employment numbers released earlier have caused this pair to move upwards quite strongly, breaking out of the top of the channel drawn in yesterday’s chart and shown today in the chart below. There was a key resistance level at 0.6590 which may yet hold on longer-term charts such as H4, but for a short I would look to the next level just below the round number at 0.6700.
A return to the supportive lower channel trend line could be a great opportunity to find a long trade entry.
There is nothing due today concerning the NZD. Regarding the USD, there will be a release of the ADP Non-Farm Employment Change at 1:15pm London time, followed later by ISM Non-Manufacturing PMI at 3pm and Crude Oil Inventories at 3:30pm.