NZD/USD Signal Update
Yesterday’s signals were not triggered as none of the key levels were reached.
Today’s NZD/USD Signals
Risk 0.75%
Trades must be entered from 8am New York time and 5pm Tokyo time over the next 24 hours.
Long Trades
Long entry 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 Trades
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 0.7153 or 0.7239.
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
I was right yesterday about the level at 0.7017 providing an upwards move to at least 0.7050. In fact if the price manages to break up above 0.7068 and of course also the new steeply bearish trend line shown in the chart below, we could see a good strong move up to 0.7150 as the price moves back into line with the long-term bullish trend.
Note this support at 0.7017 is likely to be especially strong as it is so confluent with a very psychologically key level at 0.7000.
There is nothing due today concerning the NZD. Regarding the USD, there will be a release of Crude Oil Inventories data at 3:30pm London time.