NZD/USD Signal Update
Yesterday’s signals were not triggered and expired.
Today’s NZD/USD Signals
Risk 0.75%
Trades may only be entered between 8am New York time and 5pm Tokyo time, over the next 24-hour period.
Long Trades
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.7144 or 0.7117.
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
Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 0.7182.
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 took a bullish bias yesterday and this turned out to be correct as the price has risen over the past 24 hours. I drew new support at 0.7144 but unfortunately I wasn’t ready to act on it yet, as it did provide the launching pad for the latest push up which would have been a good trading opportunity.
The chart below shows how this push has so far been limited by the resistance level identified at 0.7182.
The move seems to have played out and so it is difficult to forecast what is going to happen next. It is likely that any opportunities that might arise today will be in other currency pairs. As there is important data due from both sides later, anything might happen.
Regarding the NZD, there will be a release of Employment Change and Unemployment Rate data at 9:45pm London time, followed by Inflation Expectations at 2am. Concerning the USD, there will be a release ISM Manufacturing PMI data at 2pm.