NZD/USD Signal Update
Last Thursday’s signals may have produced a losing short trade off a bearish rejection of 0.7290.
Today’s NZD/USD Signals
Risk 0.75%
Trades may only be entered from 8am to 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 0.7273 or 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.
Move 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 0.7398.
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 was write to highlight last week that as long as the 0.7200 area held as support, this pair retained a bullish outlook, as it continued to move upwards and the NZD remains pretty much the strongest currency against the USD over the long-term.
We have printed a new key level at 0.7273 which can be seen as very pivotal.
I would retain a bullish bias although there are quite long-term highs above and there are always deep pullbacks against the bearish trend. The 0.7400 area looks resistant.
There is nothing due today concerning either the NZD or the USD. It is a public holiday in the U.S.A.