NZD/USD Signal Update
Last Thursday’s signals were not triggered although the key resistance zone given was only 1 pip above the high of the day.
Today’s NZD/USD Signals
Risk 0.75%
Trades may only be taken between 8am New York time and 5pm Tokyo time.
Short Trade 1
* Short entry following a bearish price action reversal on the H1 time frame immediately upon the next entry into the zone between 0.6875 and 0.6907.
* Place the stop loss 1 pip above the local swing high or 0.6907, whichever is higher.
* 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 ride.
NZD/USD Analysis
There has been no change to the technical picture, really, since my forecast early in last Thursday’s London session. The price made another attempt at the resistance zone that begins at 0.6875 and has fallen since there as the USD recovered. However the price is now rising again. The overall bias should be slightly bullish, but the chart below shows a historically ranging picture over recent weeks with the price stuck roughly between 0.6550 and 0.6875. If the price does rise from here, we would establish new support centred on 0.6750. However at the present moment that is a big “IF” as we are likely to have a fairly quiet week in the Forex market in general, and in this pair in particular.
There is nothing due today concerning either the NZD or the USD.