NZD/USD Signal Update
Yesterday’s signals might have produced a profitable short trade off the reversal from the resistance at 0.6810.
Today’s NZD/USD Signals
Risk 0.75%
Trades must be entered from 8am New York until 5pm Tokyo times today only.
Long Trade 1
* Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.6700, especially if there is a rejection of the nearby trend line at the same time.
* Put 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.
* Remove 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 0.6600.
* Put 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.
* Remove 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 0.6810.
* 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.
Short Trade 2
* Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 0.6872.
* 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
This pair initially rose above the resistance following the FOMC announcement but then corrected itself to reverse and now is sitting in a predictable place.
We are in an uptrend and as we approach a confluence of a round number and a supportive trend line, it looks like some kind of long trade is going to be the best set-up that might come along in the near future.
Regarding the NZD, there will be a release of ANZ Business Confidence data at Midnight London time. Concerning the USD, there will be a release of Building Permits data earlier at 1:30pm, followed by the FOMC at 7pm.