NZD/USD Signal Update
Yesterday’s signals were not triggered and expired.
Today’s NZD/USD Signals
Risk 0.75%
Trades must be taken between 8am New York and 5pm Tokyo times today only.
Long Trade 1
* Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.6600.
* Place 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.
* 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.
Long Trade 2
* Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of the trend line currently sitting at around 0.6540.
* Place 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.
* 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.
Long Trade 3
* Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of the trend line currently sitting at around 0.6500.
* Place 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.
* 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 1
* Short entry following a bearish price action reversal on the H1 time frame immediately upon the next entry into the zone between 0.6790 and 0.6810.
* Place 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.
* 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
The pair continues to fall due partly to weakening commodities and partly due to the Australian dollar’s problems, partly also due to weak Chinese economic data. Overshadowing all that is a growing expectancy that the RBNZ will cut the interest rate tonight by 0.25% as part of its monthly report. We can expect that the support at 0.6600 will hold during the remainder of today’s London and later New York trading sessions. After that the market will be moved by the RBNZ.
This pair is really neither strong nor weak so it has not been great to trade lately. I doubt that will be changed by whatever happens tonight.
There is nothing due today regarding either the NZD or the USD.