NZD/USD Signal Update
Yesterday’s signals were not triggered as there was insufficiently bearish price action at 0.7106.
Today’s NZD/USD Signals
Risk 0.75%
Trades may only be entered from 8am New York time to 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 0.7100 or 0.7079.
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 0.7144 or 0.7177.
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
We have had a first higher low, off the round number at 0.7100. With the dip in the USD today, this could be a significant sign that this pair is ready to start moving up. However, the next two resistance levels identified above and shown in the chart below look quite strong.
There is key news due for both sides of this pair later, so anything might happen.
Concerning the USD, there will be a release of Retail Sales data at 1:30pm London time. Regarding the NZD, there will be a release of GDT Price Index and Retail Sales data later.