NZD/USD Signal Update
Yesterday’s signals would have produced short trades following bearish bounces at both 0.6791 and 0.6807. The first entry would have been a losing trade but the higher entry would seem to be working so far.
Today’s NZD/USD Signals
Risk 0.75%
Trades only can 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 0.6762, 0.6714 or 0.6625.
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 Trades
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 0.6862 or 0.6942.
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
The NZD was pretty bullish yesterday, breaking up past resistance initially and flipping it to support at 0.6762. However the price was not able to clear the resistance just above 0.6800 and the candles there look like they show a clear bearish reversal. A trip down to at least 0.6762 looks probable next.
There are no high-impact events due today concerning the NZD. Regarding the USD, there will be a release of Crude Oil Inventories at 3:30pm London time