NZD/USD Signal Update
Yesterday’s signals were not triggered as the price action at 0.7347 was insufficiently bearish to trigger a short trade.
Today’s NZD/USD Signals
Risk 0.75%
Trades may only be entered from 8am New York time until 5pm Tokyo time, over the next 24-hour period.
Long Trade 1
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.7222.
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 Trades
Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 0.7347.
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
This pair remains one of the quietest of all the Forex pairs despite the recent drama, along with the GBP/USD currency pair. However, unlike that pair, there is not truly a clear direction here, even though we had central bank input from the RBNZ a few hours ago.
This suggests that better opportunities within the near future are going to lie with other currency pairs.
There is nothing due today regarding the NZD. Concerning the USD, there will be a release of Unemployment Claims data at 1:30pm London time.