NZD/USD Signal Update
Last Thursday’s signals produced a losing short trade following the bearish rejection of resistance at 0.6783.
Today’s NZD/USD Signals
Risk 0.75%
Trades must be made between 8am and 5pm New York time only, or after 8am Tokyo time later.
Long Trade 1
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.6700.
Put 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.
Remove 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to run.
Long Trade 2
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.6631.
Put 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.
Remove 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 0.6872.
Put 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.
Remove 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 level at 0.6783 has continued to be significant but has been messed around now too much to be really useful. Therefore the chart below shows nothing between 0.6872 and 0.6700. The NZD has been the strongest currency over recent weeks but has not made new highs against the USD over recent days. This is mainly due to the USD showing some strength.
If the FOMC minutes on Wednesday weaken the USD, this will probably be the best pair to be long of, so a pull back to a price between 0.6700 and 0.6740 could be a great area in which to build a long position.
There is nothing due today regarding either the NZD or the USD.