NZD/USD Signal Update
Yesterday’s signals produced a losing long trade entry following the bullish inside candle rejecting the anticipated support level during the Asian session at 0.7017.
Today’s NZD/USD Signals
Risk 0.75%
Trades may only be taken between 8am New York time and 5pm Tokyo time over the next 24 hours.
Long Trade 1
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 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 Trades
Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 0.7153 or 0.7239.
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 fall in price continues, partly accelerated by the new weakness in the AUD and partly caused also by the recent strength in the USD.
Although the first entry off the anticipated support level at 0.7017 based upon the H1 candlestick price action was a losing trade, it still looks quite possible that this level will hold and provide an upwards move to at least 0.7050.
Regarding the USD, there will be a release of Building Permits data at 1:30pm London time. Concerning the NZD, there will be a release of GDT Price Index data around the New York close.