NZD/USD Signal Update
Yesterday’s signals were not triggered.
Today’s NZD/USD Signals
Risk 0.75%
Trades may only be entered from 8am New York time until 5pm Tokyo time.
Long Trades
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.7080 or 0.7022.
Play 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 run.
Short Trade 1
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 0.7162/75 or 0.7211/28.
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 run.
NZD/USD Analysis
The NZD, like its sister currency AUD, looks extremely strong at the moment, moving in the direction of its long-term bullish trend but at the time of writing approaching a very key long-term resistance zone from 0.7162 to 0.7177 where there is quite likely to be some kind of bearish reversal.
However in the current sentiment – unless there is a Brexit poll that shows a big swing towards Leave – it will probably be very dangerous to short this pair. In doing so, wait for extremely strong and convincing bearish price action.
There is minor support at the nearest round number below of 0.7100.
There is nothing due today concerning the NZD. Regarding the USD, the Chair of the Federal Reserve will be testifying before Congress at 3pm London time, followed later by FOMC Member Powell speaking at 7:30pm