NZD/USD Signal Update
Last Thursday’s signals were not triggered.
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.
Long Trades
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.7079 or 0.7062.
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 0.7143 or 0.7238.
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 there is a slow but steady long-term upwards trends, we have had a change of major lower highs which suggest a continuing downwards move. However, there is a supportive area that starts at about 0.7079 which looks strong, and this may hold the price up. Above, there is a chance of a bearish double top forming at 0.7143, especially if that level is hit first, before 0.7079.
There is nothing of high importance due today concerning either the NZD or the USD.