NZD/USD Signal Update
Last Thursday’s signals were not triggered as there was no bearish price action at 0.6681.
Today’s NZD/USD Signals
Risk 0.75%
Trades may only be entered 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 entry into the zone between 0.6590 and 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.
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 0.6747 and 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
This pair continues its consolidation, similar to its sister pair AUD/USD, but it has to be said that this pair does have more of a bullish bias. The line of least resistance still looks to be upwards as there is this supportive trend line holding up the price from below, and it is now confluent with a zone that has previously acted as good support and previously resistance as well. As such, a pull back to that area would probably be the best opportunity that could arise here, of course for a long trade. Nevertheless, there are still likely to be better opportunities elsewhere and we really need to see a bullish break above 0.6700 to feel very confident here of a continuing upwards move.
There is nothing due today concerning the USD. Regarding the NZD, there will be a release of Retail Sales data at 9:45pm London time followed by Inflation Expectations at 2am.