NZD/USD Signal Update
Yesterday’s signals were not triggered as there was no bearish price action at 0.6750.
Today’s NZD/USD Signals
Risk 0.75%
Trades must be taken from 8am New York time until 5pm Tokyo time only.
Short Trades
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 0.6804 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 ride.
Long Trade 1
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.6625.
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.
Remove 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
We have had the level at 0.6750 wipe out now. There are no attractive, reliable levels between 0.6804 and 0.6625. The chart below shows a linear regression with a slight downwards channel, and the price is currently just meandering around the centre line.
There are certainly better opportunities elsewhere, away from this pair, with the exception of a possible short at 0.6804.
Concerning the NZD, the Annual Budget Release will take place at 3am London time. Earlier, regarding the USD, there will be a release of Crude Oil Inventories data at 3:30pm.