NZD/USD Signal Update
Yesterday’s signals were not triggered as there was insufficiently bearish price action at 0.7100.
Today’s NZD/USD Signals
Risk 0.75%
Trades must be taken between 8am New York time and 5pm Tokyo time over the next 24 hours.
Long Trades
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.7017 or 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 0.7162.
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 tried to rally yesterday, attempting to break up above the resistance at 0.7100 and only succeeding fairly temporarily before falling back below that level. Nevertheless this level should now be discarded, so there is likely to be a clearer run up to 0.7162 and beyond if and when there is a further attempt to rise.
This pair is looking one of the most bullish risk pairs, and is in a long-term bullish trend against the USD.
There is nothing due concerning the NZD. Regarding the USD, there will be a release of Unemployment Claims data at 1:30pm London time. FOMC Member Bullard will be speaking at 6:30pm.