NZD/USD Signal Update
Yesterday’s signals were not triggered as none of the key levels were ever 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 Trade 1
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 line currently sitting at around 0.7340, 0.7360 or 0.7384.
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
We have had a classic retest and rejection of a broken trend line which was formerly a supportive influence. The long-term trend is bullish though, so a higher low above 0.7220 or even a lower low at 0.7200 should still be interesting, provided there is some momentum there.
There is nothing due regarding the NZD. Concerning the USD, there will be a release of Core Durable Goods Orders at 1:30pm London time followed by testimony from the Chair of the Federal Reserve before Congress at 3pm and Crude Oil Inventories data at 3:30pm.