NZD/USD Signal Update
Last Thursday’s signals were not triggered as there was no bullish price action at 0.7222.
Today’s NZD/USD Signals
Risk 0.75%
Trades must be taken before 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 0.7013.
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 0.7106.
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
Although the USD is very strong now, against everything, the NZD is holding up better than most other currencies although not as well as its sister currency, the Australian Dollar. This has not stopped the price here breaking through several identified support levels, and it shows every sign that it is going to continue down to 0.7013. The area close to the 0.7000 level tends to be strong psychological support, so if we get a turn in the USD while this pair is close to that number, it could be an excellent buy.
There is nothing due today regarding either the NZD or the USD.