NZD/USD Signal Update
Last Thursday’s signals were not triggered.
Today’s NZD/USD Signals
Risk 0.75%
Trades may only be taken from 8am New York time until 5pm Tokyo time today.
Long Trades
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.6942 or 0.6904.
Place 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.
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.
Short Trades
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 0.7025 or 0.7108.
Place 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.
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
It looked last week as if this pair was slipping back into a range, which it has a tendency to do, but there is renewed bullishness and the price is currently trading above the key 0.70 level in a very precise flag formation. The price is not far from key resistance at 0.7025 which is an excellent level at which to look for a short trade entry if we get a reversal there.
Regarding the USD, there will be a release of ISM Manufacturing PMI data at 3pm London time. There is nothing due today concerning the NZD.