NZD/USD Signal Update
Yesterday’s signals were not triggered as the price never reached any of the key levels.
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
* Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.6859 or 0.6842.
* 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
* Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 0.6950.
* 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
I wrote yesterday that the short-term action was unpredictable, and so I am not surprised that the price is beginning to show a consolidation pattern.
However, the big picture still looks bearish, and it is worth noting that the sister pair AUD/USD looks even more bearish.
There is nothing due today regarding the NZD. Concerning the USD, there will be releases of Core Durable Goods Orders, Final GDP and Unemployment Claims data at 1:30pm London time.