NZD/USD Signal Update
Last Wednesday’s signals expired without being triggered as there was no appropriate bearish price action at the key levels to trigger a short trade.
Today’s NZD/USD Signals
Risk 0.75%
Trades may only be entered from 8am New York time to 5pm Tokyo time today.
Long Trades
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.7023 or 0.6981.
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 run.
Short Trade 1
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 0.7100.
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 run.
NZD/USD Analysis
The NZD, like its sister currency AUD, is one of the strongest “risk” currencies right now. Yet the storm over Brexit is blowing everything out of its way. Should this pair fall further to support and then market sentiment begins to stabilise, a long at either of the support levels identified at levels below the current price could look very attractive.
There is nothing due concerning either the NZD or the USD.