NZD/USD Signal Update
Yesterday’s signals produced a losing long trade entry following the bullish inside candle rejecting the anticipated support level at 0.6781.
Today’s NZD/USD Signals
Risk 0.75%
Trades must be taken from 8am New York time until 5pm Tokyo time only.
Long Trade 1
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.6715.
Put 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.
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 0.6781, 0.6795 or 0.6862.
Put 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.
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
I wrote yesterday that there are better opportunities elsewhere and I think this is still true. Overall a bearish change from yesterday as the price moved downwards in line with USD strength across the board, flipping the support at 0.6781 to new resistance. I am also more comfortable to insert a new resistance level just under the 0.6800 handle.
There are no high-impact events due today concerning the NZD. Regarding the USD, there will be a release of Crude Oil Inventories data at 3:30pm London time, followed later at 7pm by the FOMC Meeting Minutes.