NZD/USD Signal Update
Yesterday’s signals produced a profitable short trade off a bearish pin bar rejecting the trend line. It has already made its 20 pips so risk is off and it can be left to run to at least 0.6557.
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 of 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 0.6747.
* 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
As expected, the broken trend line has operated successfully as resistance, very close to the previous Asian open there was a pin bar with the wick rejecting the trend line on the H1 chart and the price has been falling from there. However 0.6557 will be a key test if it is reached, as it probably will be.
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 Crude Oil Inventories at 3:30pm.