NZD/USD Signal Update
Yesterday’s signals produced a profitable 20 pip short trade off the bearish price action at 0.6693.
Today’s NZD/USD Signals
Risk 0.75%
Trades may only be taken from 8am New York time until 5pm Tokyo time.
Long Trade 1
• Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.6590.
• 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 touch of 0.6770.
• 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.
Short Trade 2
• Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 0.6875.
• 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
This pair’s bullish move has been a prime beneficiary of the recent serious weakness in the USD, with the NZD taking a place as one of the strongest global currencies right now along with the JPY and arguably also the EUR. The chart below shows the price driving up and up and it is hard to know where it will finally run out of steam and at least pause for a while. There is key USD data coming up which is quite likely to be the next major driver of the price.
There is nothing due today concerning the NZD. Regarding the USD, there will be a release of Unemployment Claims data at 1:30pm London time.