NZD/USD Signal Update
Yesterday’s signals were not triggered as neither of the key levels were reached.
Today’s NZD/USD Signals
Risk 0.50%
Trades may only be taken from 8am New York time to 5pm Tokyo time, over the next 24 hours.
Long Trade 1
* Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.7150.
* 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
* Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 0.7306 and 0.7398.
* 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
I wrote yesterday that it looked as if the price was going to reach 0.7150 before rising to 0.7306, but that looks very doubtful now as the weakening USD and strengthening AUD has dragged this pair strongly upwards.
I would be extremely careful about trying to short at 0.7306 today.
Regarding the USD, there will be releases of Building Permits and CPI numbers at 1:30pm London time. Concerning the NZD, there will be a release of GDP Price Index data at about 10pm, followed by Employment Change, PPI Input and Unemployment Rate numbers.