NZD/USD Signal Update
Yesterday’s signals were not triggered as there was no bullish price action when the price reached 0.7273.
Today’s NZD/USD Signals
Risk 0.75%
Trades may only be entered between 8am New York time and 5pm Tokyo time, over the next 24-hour period.
Long Trades
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.7200.
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 0.7360.
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
The price fell very strongly yesterday in spite of the consistent long-term bullish trend which remains in force for this pair.
However, the price finally seems to have made some kind of bottom at 0.7240 and is now rising and at the time of writing, threatening the new resistance level at 0.7273. A sustained break above that level will be a bullish sign.
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 GDP data at 11:45pm.