NZD/USD Signal Update
Yesterday’s signals were not triggered as there was no bullish price action at either 0.7133 or 0.7110.
Today’s NZD/USD Signals
Risk 0.75%
Trades must be taken from 8am New York time until 5pm Tokyo time, during the next 24-hour period only.
Long Trades
* Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.7034 or 0.7111.
* 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 Trades
* Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 0.7110 or 0.7133.
* 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
Just as I was starting to really notice a bid in the NZD, it fell heavily yesterday, slicing through the two closest levels of anticipated support with complete ease.
There is minor support at about 0.7075 but it only looks likely to be suitable for very small, short term bullish trades.
Concerning the USD, there will be a release of Unemployment Claims data at 1:30pm London time, followed later by ISM Manufacturing PMI at 3pm. There is nothing due regarding the NZD.