NZD/USD Signal Update
Last Thursday’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 between 8am New York time and 5pm Tokyo time, over the next 24-hour period.
Long Trades
* Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.6859 or 0.6842.
* 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 0.6950.
* 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
The New Zealand Dollar has recently been one of the more bearish currencies against the U.S. Dollar, which is a turnaround from recent weeks where it had stood out showing some strength.
The trend is bearish but there could be long-term buyers stepping in close to 0.6850.
Short trades look attractive, but the AUD/USD looks even better for that.
There is nothing due today regarding the NZD. Concerning the USD, there will be a release of CB Consumer Confidence data at 3pm London time.