NZD/USD Signal Update
Yesterday’s signals gave a winning short trade following the bearish rejection of the resistance level identified at 0.7360, although only for the minimum 20 pips.
Today’s NZD/USD Signals
Risk 0.75%
Trades may only be entered between 8am New York time and 5pm Tokyo time, over the next 24-hour period.
Long Trades
* Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.7200 or the bullish trend line currently sitting above there at approximately 0.7300.
* 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 0.7384 or 0.7422.
* 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
Things still look bullish, although the pair is quite unmoved even though both the Federal Reserve and the RBNZ left their respective base rates unchanged yesterday. Nevertheless, technically, the next move would look to be upwards. This pair is being bullishly eclipsed by its sister pair, AUD/USD.
There is nothing due today concerning the NZD. Regarding the USD, there will be a release of Unemployment Claims data at 1:30pm London time.