Today’s NZD/USD Signals
Risk 0.75%
Trades must be taken from 8am New York time to 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 0.7117.
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 Trade 1
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 0.7182.
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
The price has been consolidating between 0.7182 and 0.7110 over the past week or so. The picture is similar to the AUD/USD currency pair, but less bullish overall.
We have some good, reliable levels here, especially 0.7117 as support, so I think we are more likely to reach above 0.7182 than get below 0.7110 during the near-term, although the RBA release later today will probably have an impact which could send the price into a volatile movement.
There is nothing due today regarding either the NZD or the USD.