NZD/USD Signal Update
Yesterday’s signals were not triggered as none of the key levels were reached during that session.
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 0.6950 or 0.6930.
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 0.6994.
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
There is a long-term downwards trend, but it looks like a medium-term bullish reversal, as the price had put in a real bottom near the support at 0.6859 from where it has risen with good momentum. The best support level nearby looks to be 0.6930. If this level holds, it will be a bullish sign.
There is nothing due today regarding the NZD. Concerning the USD, there will be a release of Unemployment Claims data at 1:30pm London time, followed by Crude Oil Inventories data at 4pm.