NZD/USD Signal Update
Yesterday’s signals were not triggered and expired.
Today’s NZD/USD Signals
Risk 0.75%
Trades may only be taken from 8am New York time until 5pm Tokyo time.
Long Trade 1
* Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.6590.
* 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 0.6557.
* 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 3
* Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of the bullish trend line at around 0.6540.
* 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 0.6681.
* 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 0.6770.
* 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
Although over the long-term this pair is fairly choppy and as such difficult to trade, we can see that the short-term upwards trend remains intact as the support below close to the bullish trend line held during its test yesterday. This suggests that the line of least resistance is upwards, but we may find it difficult to break up above 0.6681. If the price manages to hold up above 0.6750 then we should become more confident about the establishment of a meaningfully bullish long-term trend.
There is nothing due today concerning the NZD. Regarding the USD, the Chair of the Federal Reserve will be testifying before Congress at 3pm London time, followed later by Crude Oil Inventories at 3:30pm.