NZD/USD Signal Update
Yesterday’s signals were not triggered: unfortunately, the swing low was only 8 pips above the identified support level of 0.7260.
Today’s NZD/USD Signals
Risk 0.75%
Trades may only be taken from 8am New York time until 5pm Tokyo time only, 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 0.7200 or 0.7260.
* 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 Trade 1
* Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 0.7398.
* 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
There is not very much to say about this currency pair, except that it is showing a weakly bullish short-term pattern and is within a reasonable long-term bullish trend, so as I said yesterday, it is a good idea to maintain a bullish bias. The price yesterday reached a 15 month high.
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.