NZD/USD Signal Update
Yesterday’s signals produced a losing trade off the bearish inside candle break rejecting the resistance level I had identified at 0.7160.
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
Go long following a bullish price action reversal on the H1 time frame immediately upon the next entry into the zone between 0.7167 and 0.7160.
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
Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 0.7228.
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 was completely wrong yesterday, as I saw this pair as in consolidation mode, whereas it actually rose very strongly and broke up past resistance. There could be further good opportunities here on the long side, but we are unlikely to exceed the resistance at 0.7228 within the near term.
We are not exactly in a long-term bullish trend, but there is a valid medium-term bullish swing occurring.
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.