NZD/USD Signal Update
Yesterday’s signals were not triggered as there was no bullish price action at 0.6917.
Today’s NZD/USD Signals
Risk 0.50%
Trades may only be entered between 8am New York time and 5pm Tokyo time, over the next 24-hour period.
Protect any open trade at 6:30pm London time.
Long Trades
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.6900 or 0.6859.
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
I wrote yesterday that if the new support level at 0.6916 held I would remain cautiously bullish. It did not really hold and recent action has been choppy, so I have no opinion upon the next most probable short-term movement. There are likely to be better opportunities elsewhere, although the area around the big round number at 0.7000 could be good for a short trade.
There is nothing due today regarding the NZD. Concerning the USD, there will be a release of FOMC Meeting Minutes at 7pm London time.