NZD/USD Signal Update
Last Thursday’s signals produced an excellent, profitable long trade following the bullish bounce at the identified support level of 0.6714. The price reached the next resistance level at 0.6781 so most or all of the profit should have been taken off already.
Today’s NZD/USD Signals
Risk 0.75%
Trades must be taken from 8am New York time until 5pm Tokyo time only.
Long Trades
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.6781 or 0.6715.
Put the stop loss 1 pip below the local swing low.
Adjust 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 0.6804.
Put the stop loss 1 pip above the local swing high.
Adjust 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
There was a fairly strong bullish move up which broke a resistance level, but the round number at 0.6800 was too strong and it looks as if the price has now turned around there. The next test is whether the new potential support at 0.6781 – which is a newly slipped level – will hold.
There are no high-impact events due today concerning the NZD or the USD.