NZD/USD Signal Update
Last Thursday’s signals were not triggered as there was no bullish price action at 0.7077.
Today’s NZD/USD Signals
Risk 0.75%
Trades must be entered between 8am New York time and 5pm Tokyo times only, during 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 0.7153 or 0.7119.
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 0.7238 or 0.7305.
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
Weakness in the USD at the end of last week pushed up this pair in line with its long-term trend, but we have now made a minor double top close to the resistant level at 0.7238 from where the price seems to be falling and a deeper pull back feels quite possible.
Trading will probably be quiet until the release of key U.S. economic data later.
Regarding the USD, there will be a release of Unemployment Claims data at 1:30pm London time. Concerning the NZD, there will be a release of Inflation Expectations data at 4am.