NZD/USD Signal Update
Yesterday’s signals produced a short trade entry off the resistance level at 0.7306 in the later part of the Asian session. This trade is still open and is in an early stage and could still be taken as at the time of writing.
Today’s NZD/USD Signals
Risk 0.50%
Trades may only be taken from 8am New York time until 5pm Tokyo time, over the next 24 hours only.
Long Trades
* Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.7150 or 0.7200.
* 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 run.
Short Trade 1
* Short trade off 0.7306 already in play.
NZD/USD Analysis
The price has made another attempt at the resistance level of 0.7306, but so far it has held, and even reversed enough to provide a short trade entry set-up. The USD has been weak everywhere and the NZD is within a long-term bullish trend, but this resistance level is proving hard to crack. A break above the existing highs would be a very bullish sign.
There is nothing due today concerning the NZD. Regarding the USD, there will be releases of the Philly Fed Manufacturing Index and Unemployment Claims data at 1:30pm London time.