NZD/USD Signal Update
Last Thursday’s signals were not triggered as the bullish price action occurred well below 0.6874.
Today’s NZD/USD Signals
Risk 0.75%
Trades may only be taken from 8am New York time until 5pm Tokyo time.
Short Trade 1
Short entry following a very 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.
Adjust 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.
Long Trade 1
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.6790.
Place the stop loss 1 pip below the local swing low.
Adjust 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
The NZD had been the strongest beneficiary of the USD’s relative weakness last week, but this pair fell sharply on Friday upon the publication of the NFP numbers, before recovering, as most risk currencies did. It is significant that the price closed the week above the 0.6874 level which had been looking like crucial support. This level can be discarded now, and we have no key support above 0.6790 which is quite a long way away. As we are a considerable distance from support or resistance, there are likely to be better opportunities elsewhere. However there might be some support at 0.6840.
There is nothing due today concerning either the NZD or the USD.