NZD/USD Signal Update
Yesterday’s signals were not triggered as the bullish price action occurred below the anticipated support at 0.6647.
Today’s NZD/USD Signals
Risk 0.75%
Trades must be made between 8am and 5pm New York time only, or after 8am Tokyo time later.
Long Trade 1
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.6631.
Place 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.
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.
Long Trade 2
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.6549.
Place 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.
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 entry into the zone between 0.6761 and 0.6801.
Put 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.
Remove 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
Unlike the AUD/USD pair, this pair is still looking very bullish, and has flipped previous resistance at 0.6631 to support. Right now it might be making a double top just below 0.6750 but it was, just slightly, a higher high, and in any case we were very close there to an anticipated major resistance. I think either a short from the resistance zone above or a long from a return to 0.6631 would both be good –looking trades.
There is no currency as strong as the NZD right now, so poor US economic data later would make this a logical pair to be long of.
There are no high-impact releases due today concerning the NZD. Regarding the USD, there will be releases of Retail Sales and PPI data at 1:30pm London time.