NZD/USD Signal Update
Yesterday’s signals were not triggered as the price blew through 0.7025.
Today’s NZD/USD Signals
Risk 0.75%
Trades must be entered between 8am New York time and 5pm Tokyo time today only.
Long Trades
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.6942 or the trend line currently sitting at around 0.6975.
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 0.7108.
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
The Australian rate cut had the effect of dragging this pair down with it at least to some extent. This is interesting as it shows how the economies of Australia and New Zealand are to some extent interlinked or at least that the NZD is dependent to some extent upon the AUD.
The weakness in the NZD is likely to be temporary so there could be good buying opportunities later.
Regarding the NZD, there will be a release of the GDT Price Index later, followed by Employment Change and Unemployment Rate data at 11:45pm London time. There is nothing due today concerning the USD.