NZD/USD Signal Update
Last Thursday’s signals were not triggered as there was no bearish price action when the price reached either of the identified resistance levels during that day’s session.
Today’s NZD/USD Signals
Risk 0.75%
Trades must be taken from 8am New York time to 5pm Tokyo time, during the next 24-hour period only.
Long Trade 1
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.7141.
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 0.7200.
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
Despite last week’s strong fall, the NZD has really bounced back over the past few days, so much so that it is again challenging a very key resistance level at 0.7200 as at the time of writing. A sustained break above that level would be a very bullish sign and it currently looks as if it is going to happen during today’s session. Be extremely cautious taking a short trade here if this is how it sets up.
Regarding the NZD, there will be a release of GDT Price Index data early New Zealand time. Concerning the USD, there will be a release of CPI data at 1:30pm London time.