NZD/USD Signal Update
Monday’s signals expired without being triggered.
Today’s NZD/USD Signals
Risk 0.75%
Trades may only be taken between 8am and 5pm New York time only, or after 8am Tokyo time later.
Short Trade 1
- Short entry following bearish price action on the H1 time frame immediately upon the next touch of 0.6750.
- 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 ride.
Short Trade 2
- Short entry following bearish price action on the H1 time frame immediately upon the next touch of 0.6872.
- 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 ride.
NZD/USD Analysis
This pair had been the strongest trend going against the USD, however in recent days it has been overtaken by AUD/USD which has begun falling even more dramatically. This is underlined by the chart below which shows a short-term bottoming out at around 0.6620 and the price trying to break upwards past local resistance at 0.6660, shown as the green line. It is way too early to talk about a trend change of course, and the USD is strong everywhere, but a break up above 0.6660 could see a pull-back going all the way up to 0.6700 or 0.6750, which could then be a good level for renewing short trades.
There is nothing due today regarding the NZD. At 7pm London time there will be a release of the FOMC Meeting Minutes.