NZD/USD Signal Update
Yesterday’s signals were not triggered as there was no bullish price action when the price reached the anticipated support level at 0.7023.
Today’s NZD/USD Signals
Risk 0.75%
Trades must be taken between 8am New York time and 5pm Tokyo time today.
Long Trade 1
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.6981.
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 0.7100.
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 behaving very similarly to its sister pair, AUD/USD, as I noted yesterday. There has been some recovery in risk sentiment as the British market seems to be stabilizing somewhat, or at least not making any fresh lows.
It looks as if 0.7100 would be hard to break any time soon, so a bearish reversal there could be a very attractive short trade.
There is nothing due concerning the NZD. Regarding the USD, there will be a release of Final GDP data at 1:30pm London time, followed later by CB Consumer Confidence at 3pm.