NZD/USD Signal Update
Last Thursday’s signals were not triggered as there was no bullish price action when the price reached 0.7398 that day.
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 only.
Long Trades
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.7273 or 0.7200.
Put the stop loss 1 pip below the local swing low.
Adjust the stop loss to break even once the trade is 20 pips in profit.
Remove 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to ride.
Short Trade 1
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 0.7383.
Put the stop loss 1 pip above the local swing high.
Adjust the stop loss to break even once the trade is 20 pips in profit.
Remove 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to ride.
NZD/USD Analysis
We have had a really huge sell off of both of the antipodean (Australian and New Zealand) Dollars since last Thursday, with the price easily breaking through support, confirming the area at 0.7483 as crucial resistance.
The price has now just about returned to a basing area not too far from a key support level at 0.7273, although it does not look as if there could be a meaningful rise right away. There probably would need to be a consolidation first.
The long-term trend remains intact so although it looks very bearish over the short-term, there could be a buying opportunity soon for trend traders once the downwards move ends and stabilizes.
There is no high-impact news due today concerning either the NZD or the USD.