NZD/USD Signal Update
Last Thursday’s signals expired without being triggered as there was no bearish price action at 0.7162.
Today’s NZD/USD Signals
Risk 0.75%
Trades may only be entered from 8am New York time to 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 0.7158 or 0.7141.
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 0.7211 or 0.7228.
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
We see continuing bullishness with this pair, within a long-term bullish trend. The new expectation of more global QE is lifting all the commodity currencies, and the NZD is no exception to that. The decision of the RBA later today might drag the NZD is the direction that it also takes the AUD so that is something to watch out for.
Nicely bullish overall, and it helps to see resistance levels being taken out and new support levels being printed.
There is nothing due concerning the NZD or the USD. It is a public holiday in the U.S.A.