NZD/USD Signal Update
Yesterday’s signals produced a short trade off the bearish rejection of 0.6781, which was good for about 20 pips of profit.
Today’s NZD/USD Signals
Risk 0.75%
Trades may only be entered between 8am New York time and 5pm Tokyo time.
Long Trade 1
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.6715.
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 0.6781, 0.6795 or 0.6862.
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 resistance levels I highlighted yesterday at 0.6895 and 0.6881 did turn out to be key highs for the price since yesterday’s New York open. Unfortunately they were only really profitable on very short timeframes, and the pair has recovered some of its value in the period following the FOMC Meeting Minutes release.
All the key levels remain the same.
There are no high-impact events due today concerning the NZD. Regarding the USD, there will be a release of Unemployment Claims and Philly Fed Manufacturing Index data at 1:30pm London time.