NZD/USD Signal Update
Yesterday’s signals were not triggered as there was no suitably bearish price action at either 0.7211 or 0.7228.
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
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 0.7281.
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
Interestingly, the price managed to exceed both of the resistance levels around the 0.7200 area, but fell back fairly quickly. For this reason those levels cannot be respected any more, instead I would look to a flipped previous weekly low at 0.7281 and with less reliability, the key psychological level at 0.7250 for potential resistance.
However the pair is in a long-term upwards trend, so the support levels below are still very valid.
Concerning the NZD, there will be a release of GDT Price Index data around the New York close. There is nothing due regarding the USD.