NZD/USD Signal Update
Yesterday’s signals were not triggered as none of the key price levels were 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 only.
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
I wrote yesterday that the price would probably break below 0.6900 and continue its advance downwards, and this is what happened, but instead of really continuing the price rose before falling again.
It is hard to say what is likely to happen next, but the action looks somewhat bearish and the long-term trend is bearish.
Concerning the USD, there will be a release of Crude Oil Inventories data at 3:30pm London time. Regarding the NZD, there will be a release of GDP Price Index data at 9:45pm.