NZD/USD Signal Update
Yesterday’s signals were not triggered as none of the key levels were ever reached.
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 0.7013.
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.
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 begin to see signs of some bullishness simply from the fact that this pair is not moving in the direction of the USD rally but is instead beginning to consolidate and perhaps even begin to put in a higher low. With key support close by near the psychologically important 0.7000, if the USD starts to sell off after its big rally, this could be the best pair to use to benefit from such a move.
There is nothing due today regarding the NZD. Concerning the USD, there will be a release of Building Permits, CPI, Unemployment Claims and Philly Fed Manufacturing Index data at 1:30pm London time, followed by the Chair of the Federal Reserve testifying before Congress about the economic outlook later at 3pm.