Risk the 0.5%.
Trade can be taken anytime during the day.
Long Trade 1
Go long at the 0.7175 level
Stop loss at the 0.71 handle
Take profit at the 0.7350
Move stop loss to break even at 0.7200
Short Trade 1
Sell NZD/USD at the 0.7120
Aim for the 0.7050 handle
Stop loss at 0.7175
NZD/USD Analysis
During the session on Monday, the New Zealand dollar initially tried to rally but as you can see turned right back around. Now it appears that we are reaching towards the uptrend line below, so at this point in time it’s very likely that the market continues to reach in that area as it has been so reliable recently. If we can break down below that trend line, obviously a change is a lot but at this point in time it certainly looks as if the market is “rolling over”, so therefore I’m very likely to follow.
There are no announcements that should move the New Zealand dollar today.
