NZD/USD Signal Update
Last Thursday’s signals were not triggered.
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 Trade 1
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.7034.
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 0.7110.
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
This pair is best described as in a broad long-term consolidation pattern, but with quite large swings. This makes it a good candidate for trading support and resistance, although the AUD/USD pair is certainly better suited for that purpose.
There is a lot of resistance above 0.7100. We are already experiencing a push down from the resistance level at 0.7110 so the direction for most of the rest of today might already have been determined.
There is nothing due today regarding the NZD. Concerning the USD, there will be a release of ISM Non-Manufacturing PMI data at 3pm London time.