NZD/USD Signal Update
Yesterday’s signals were not triggered as the candle rejecting the resistance identified at 0.6804 did not break down on the next candle.
Today’s NZD/USD Signals
Risk 0.75%
Trades must be taken from 8am New York time to 5pm Tokyo time today only.
Short Trades
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 0.6804 or 0.6862.
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 ride.
Long Trade 1
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.6773 or the broken bearish trend line currently sitting at around 0.6725.
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 ride.
NZD/USD Analysis
This pair has finally begun to look interesting as it has risen sharply and broken out of its bearish trend that was held by the resistant trend line shown in the chart below. However the price at least so far has been unable to get above 0.6804.
There is new flipped support not far below at 0.6773 that may hold and provide a launching pad for a further move up beyond 0.6804.
Alternatively 0.6804 may hold and provide a downwards move of more than 100 pips or so.
Regarding the USD, there will be a release of ISM Manufacturing data at 3pm London time. Later, concerning the NZD, there will be a release of GDT Price Index data around the New York close.