NZD/USD Signal Update
Yesterday’s signals were not triggered as there was no bearish price action at 0.6994.
Today’s NZD/USD Signals
Risk 0.50%
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 0.6938.
* 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 0.7048.
* 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
There are likely to be better opportunities elsewhere, as it is bullish but less so than the AUD/USD currency pair which has provided a better opportunity for long trades against the USD. It remains relatively choppy so I am still unsure as to the next short-term move here.
There is nothing due today regarding the NZD. Concerning the USD, there will be a release of the ADP Non-Farm Employment Change at 1:15pm London time, followed by Unemployment Claims at 1:30pm, ISM Non-Manufacturing PMI at 3pm and Crude Oil Inventories at 4pm.