NZD/USD Signal Update
Yesterday’s signals were not triggered as there was insufficiently bullish price action at the key support level identified at 0.7000.
Today’s NZD/USD Signals
Risk 0.75%
Trades may only be entered between 8am and 5pm Tokyo time, over the next 24-hour period.
Long Trade 1
* Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.6445.
* 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 Trade 1
* Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 0.7034.
* 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 had seen the NZD as weaker than the AUD and this was borne out yesterday when the AUD/USD currency pair held up better against a bullish USD than this pair did. We even saw a break below the psychologically very key and large supportive round number at 0.7000 which is still holding as resistance as at the time of writing. If the price does not get re-established above 0.7000 soon that will be a bearish sign.
There is nothing due today concerning either the NZD or the USD. It is a public holiday today in the U.S.A.