NZD/USD Signal Update
Yesterday’s signals were not triggered as the bullish price action happened a little way below the anticipated support level of 0.6715.
Today’s NZD/USD Signals
Risk 0.75%
Trades may only be entered between 8am New York time and 5pm Tokyo time.
Short Trades
Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 0.6750 or 0.6804.
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 price got a little way below the anticipated support level at 0.6715 before bouncing bullishly. The NZD is a relatively weak currency, but it has been recovering during recent hours. Still, the USD is fairly strong, so looking for a short trade could be interesting if and when the price makes it back to the psychologically key level of 0.6750.
There are no really good support levels anywhere nearby, which is why I am not looking for any long trades right now. There is probably some support still at around 0.6700 but the exact level at 0.6715 has been messed around too much.
There are no high-impact events due today concerning the USD. Regarding the NZD, there will be a release of Trade Balance data at 11:45pm London time.