NZD/USD Signal Update
Today’s NZD/USD Signals
Risk 0.75%
Trades may only be entered from 8am New York time to 5pm Tokyo time, over the next 24-hour period.
Long Trade 1
* Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.7293.
* 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 0.7360.
* 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
The NZD is starting to look like the strongest global currency, even with good relative strength in the U.S. Dollar which is the other side of this pair. The chart below shows we keep making higher lows, all of which have held. If there is a reason for the bullishness, it would be the prospect of a Clinton victory being good for risk currencies such as the NZD, it is also in a long-term upwards trend which will make traders more confident about buying it. The NZD generally might be a good buy during the near future, like its sister currency, the AUD.
Concerning the USD, there will be a release of Crude Oil Inventories data at 3:30pm London time. Regarding the NZD, there will be releases of the RBNZ Official Cash Rate & Rate Statement at 8pm, followed by the usual press conference.