NZD/USD Signal Update
Yesterday’s signals were not triggered as none of the key levels were reached during the session.
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 Trade 1
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 although the action was looking bearish, the area starting at 0.6903 was likely to be very supportive in the short-term. It is too early to tell if this is correct, but the chart looks very bearish right now as if the price will break below 0.6900 and continue its advance downwards.
The respective currencies in this pair are weak and strong so be very careful with taking any longs, you should see a very strong bullish bounce first before taking any long trades.
There is nothing due today concerning the USD. Regarding the NZD, there will be a release of GDT Price Index data later.