NZD/USD Signal Update
Yesterday’s signals were not triggered as there was no bearish price action at 0.7143.
Today’s NZD/USD Signals
Risk 0.50%
Trades must be entered between 8am New York time and 5pm Tokyo time, during the next 24 hours only.
Long Trade 1
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.7150.
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 0.7239.
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
Although the Asian session saw a very strong upwards move in this pair – stronger than was seen in the AUD/USD currency pair – the chart shows a less bullish picture overall, as the price is not making new, fresh long-term highs.
At the time of writing we are seeing a possible bearish reversal at the previous key swing high of 0.7220.
There is new support at 0.7150 and possibly also support above that at 0.7180.
Regarding the USD, there will be a release of Crude Oil Inventories data at 3:30pm London time. Concerning the NZD, there will be a release of the RBNZ Rate Statement and Official Cash Rate at 10pm.