NZD/USD Signal Update
Yesterday’s signals expired without being triggered.
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.
Long Trades
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.7079 or 0.7062.
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 Trades
Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 0.7143 or 0.7238.
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
It is hard to say what is going to happen next. We have a bearish head and shoulders that is very well carved out above over a long period of time, but we may have already found support with a first key higher low having just formed – so it seems – since the London Open this morning. If the price can break above 0.7160 decisively that would be a bullish sign.
The long-term trend is bullish, so any fast moves up following a pullback to the area around 0.7079 should be interesting opportunities for long trade entries.
There is nothing of high importance due today concerning either the NZD or the USD.