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 may only be entered between 8am New York time and 5pm Tokyo time, over the next 24-hour period.
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 Trades
Go short 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 0.7300, 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
Although the long-term trend is bullish, it appears to be weakening with the price finding it very difficult to get significantly higher. Tellingly, there is a new bearish trend line which has become established over recent days. However, the support at 0.7200 still looks like it has potential. A break below that level would be a very bearish sign.
There is nothing due today regarding the NZD. Concerning the USD, there will be a release of Final GDP and Unemployment Claims data at 1:30pm London time followed by words from the Chair of the Federal Reserve at 9pm.