NZD/USD Signal Update
Last Thursday’s signals were not triggered as the price action was not sufficiently bullish at the first touch of the support level identified at 0.7013.
Today’s NZD/USD Signals
Risk 0.75%
Trades must be taken between 8am New York time and 5pm Tokyo time,during the next 24-hourperiod only.
Long Trade 1
- Go long following a bullish price action reversal on the 1H time frame immediately upon the next touch of 0.7000.
- 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
- Go short following a bearish price action reversal on the 1H time frame immediately upon the next touch of 0.7060.
- 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 we are seeing a reluctance to remain below the psychologically crucial supportive round number at 0.7000, the NZD is not the most bullish currency this morning against the USD, which is a little surprising, so it seems doubtful that we are going to get a strongly bullish turn here unless the USD starts to pull back strongly from its recent rally.
Buying at 0.7000 would be attractive as it looks like the launching pad for the final leg of a bullish Quasimodo / over and under pattern.
There is nothing due today regarding either the NZD or the USD.