NZD/USD Signal Update
Last Thursday’s signals produced a losing long trade from the anticipated support level at 0.7300.
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.
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 Trades
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of the bearish trend lines currently sitting at about 0.7290 and 0.7320. A simultaneous rejection of the round number at 0.7300 would be perfect.
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
I still have to be bearish above 0.7200 due to the very steady long-term bullish trend that has been holding and building for several months.
However, the bearish break down below the channel that occurred last week is not a promising sign.
We may need to descend and touch 0.7200 again to pick up enough steam for another bullish push.
If there is a return to either of the broken trend lines, that will be a big test of the bulls in this market.
There is nothing due today concerning either the NZD or the USD.