NZD/USD Signal Update
Last Thursday’s signals produced a losing long trade following the bullish pin candle rejecting the zone of support identified between 0.7167 and 0.7160.
Today’s NZD/USD Signals
Risk 0.50%
Trades may only be entered between 8am New York time and 5pm Tokyo time, over the next 24-hour period.
Long Trade 1
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next entry into the zone between 0.7072.
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
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 0.7228.
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
It is hard to come to many meaningful conclusions about this currency pair. It is hard to trade. Over recent days it is showing a bullish bias but there are no clear-cut support or resistance levels nearby, except for 0.7228 to which the price is growing closer. There is ill-defined support close to 0.7100.
There are probably going to be better opportunities elsewhere.
There is nothing due today regarding either the NZD or the USD.