NZD/USD Signal Update
Yesterday’s signals were not triggered, as unfortunately the price never quite reached 0.6557 before taking off.
Today’s NZD/USD Signals
Risk 0.75%
Trades must be entered from 8am New York time to 5pm Tokyo time.
Short Trade 1
* Go short following a very bearish price action reversal on the H1 time frame immediately upon the next entry into the zone between 0.6875 and 0.6907.
* Put the stop loss 1 pip above the local swing high or 0.6907, whichever is higher.
* 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
This pair has had one of the strongest bullish moves since the FOMC releases yesterday, along with its sister pair AUD/USD. We are a long way from the nearest key support so the only interesting level within a realistic range is a zone of probably resistance which begins at 0.6875. This area is very close to multi-month highs and so is quite likely to hold provided the USD bears run out of steam, to give at least some kind of pullback. However the current move is strong, so be very careful before taking any short trade.
There is nothing due today concerning the NZD. Regarding the USD, there will be a release of Unemployment Claims and Philly Fed Manufacturing Index data at 12:30pm London time.