NZD/USD Signal Update
Last Thursday’s signals produced a profitable short trade following the bearish inside candle rejecting the horizontal resistance at 0.6875, but it was only good for approximately the minimum 20 pips.
Today’s NZD/USD Signals
Risk 0.75%
Trades must be entered between 8am New York time and 5pm Tokyo time.
Long Trades
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.6825 or 0.6875.
Place 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.
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 touch of 0.7025.
Place 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.
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
This pair looks fairly bullish, with the previous resistance level of 0.6875 quite obviously flipping to have become support, and this is always a bullish sign when taken on its own, even though here the price penetrated quite far below this level it did not remain down there long. Therefore it should remain valid support for the time being.
The pair looks more strongly bullish than its sister pair AUD/USD, which is a change.
There may be minor resistance as we get very close to the previous swing highs around 0.6950, and of course again at the key psychological number of 0.7000, but the key horizontal resistance remains 0.7025.
There is nothing due today regarding either the NZD or the USD.