NZD/USD Signal Update
Yesterday’s signals were not triggered as there was no bearish price action at 0.7060.
Today’s NZD/USD Signals
Risk 0.75%
Trades may only be entered between 8am New York time and 5pm Tokyo time, over the next 24-hour period.
Long Trades
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.7048, 0.7040 or 0.7000.
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 0.7060.
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
We have seen a continuing and accelerated bullish wave after the former area of resistance at about 0.7050 was flipped to support. This is a bullish sign. However, the long-term trend is still bearish, although as the move down was so strong and sudden, there may be a natural bounce back up that carries through. There is a resistant topping structure at 0.7075 but if that is cleared the price should go on to reach 0.7100. For time being, I see the similar action of the sister pair AUD/USD as more clear and tradable.
There is nothing due today regarding either the NZD or the USD.