NZD/USD Signal Update
Yesterday’s signals were not triggered as none of the key levels were reached.
Today’s NZD/USD Signals
Risk 0.75%
Trades must be taken from 8am New York time until 5pm Tokyo time, during the next 24-hour period only.
Long Trades
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.7273 or 0.7200.
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
Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 0.7383.
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
The price reached fairly close to the key support level at 0.7273, where it turned around and rose about 70 pips with some good momentum before falling back again, close to the 0.7300 level.
We might be experiencing some really key support here but I am concerned by the bearish head and shoulders type formation that is suggested by the high being made at 0.7360 which was also a key swing high a couple of weeks ago which really stands out in the chart.
This pair is in a strong long-term bullish trend, but may not be ready to resume its rise just yet – later today or tomorrow seems more likely at the time of writing.
There is no high-impact news due today concerning either the NZD or the USD.