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 must be taken between 8am New York time and 5pm Tokyo time, during the next 24-hour period only.
Long Trades
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.7273 or 0.7200.
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 0.7398.
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
I wrote yesterday that I would retain a bullish bias and this approach is paying off although not dramatically so. It is a relatively slow trend, but it is just about the steadiest trend in the Forex market that exists right now.
We have seen buying off the round number at 0.7300, slightly above the freshest and highest support level at 0.7273, which is an additional bullish sign.
There are plenty of bearish pull backs within this trend so I would not be surprised if the area around the round number at 0.7400 would be resistant if reached.
Regarding the USD, there will be a release of ISM Non-Manufacturing PMI data at 3pm London time. Concerning the NZD, there will be a release of GDT Price Index data around the time that New Zealand opens for business.