NZD/USD Signal Update
Yesterday’s signals were not triggered as the price never reached either 0.7200 or 0.7360.
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 Trade 1
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 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 0.7306 or 0.7360.
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
We are seeing signs that the price is bottoming out, with a possible double bottom being made at around 0.7240. This is important as the pair is still in a long-term bullish trend, so the beginning of another possible upwards move is something worth watching out for.
It does not feel as if this move is going to start right away, but we do have crucial U.S. data releases later that could really push the price in either direction. Of course, a push down to 0.7200 followed by a bullish snap back could be a great start to a new long move.
There is nothing due today concerning the NZD. Regarding the USD, there will be a release of Retail Sales, PPI and Philly Fed Manufacturing Index data at 1:30pm London time.