NZD/USD Signal Update
Last Thursday’s signals produced a very profitable long trade following the rejection of the identified support level at 0.6982. It would probably be a good idea to take most of any remaining profit off the table.
Today’s NZD/USD Signals
Risk 0.75%
Trades must be taken between 8am New York time and 5pm Tokyo time only.
Long Trades
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.7080 or 0.7022.
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 ride.
Short Trade 1
Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 0.7162/75 or 0.7211/28.
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.
NZD/USD Analysis
This pair is in a long-term bullish trend and it has really benefited bullishly from the surge in risk-on sentiment generated over the past few days. However there are two bands of really key long-term resistance above the current price that were previously key swing lows. These can be expected to be very strong, especially the higher one.
The area around 0.7080 looks like a very attractive area to get long after a pullback.
There is nothing due today concerning either the NZD or the USD.