NZD/USD Signal Update
Last Thursday’s signals were not triggered as there was insufficiently bullish price action at 0.7043, although it might have just about triggered a losing long trade on some charts.
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 0.6903, 0.6859 or 0.6842.
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 0.6994 or 0.7048.
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
This pair has become markedly more bearish as it fell sharply towards the end of last week, reaching new multi-month low prices.
The action still looks bearish, but it is worth noting that there are three support levels below bunched together closely, and so this area between 0.6903 and 0.6842 is likely to be very supportive in the short-term.
There is nothing due tomorrow concerning either the NZD or the USD.