NZD/USD Signal Update
Yesterday’s signals were not triggered as there was no bearish price action at 0.7140 or 0.7158.
Today’s NZD/USD Signals
Risk 0.75%
Trades may be taken between 8am New York time and 5pm Tokyo time over the next 24 hours only.
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
This pair made a very strong bullish move over the past 24 hours, and has reached its 3rd key resistance level where the outcome is currently unclear, therefore I have removed this level from chart.
I pointed out yesterday that this pair is in a long-term bullish trend, so a long bias is correct as more likely to be profitable.
The two resistant levels not very far below look likely to have been flipped to support, so could provide could long entry opportunities on a pullback.
There is nothing due today concerning the NZD. Regarding the USD, there will be a release of ADP Non-Farm Employment Change data at 1:15pm London time followed by Unemployment Claims data 15 minutes later. Then at 4pm there will be a release of Crude Oil Inventories.