By: DailyForex.com
NZD/USD Signal Update
Yesterday's signals expired without being triggered.
Today's NZD/USD Signals
Risk 0.75%
Trades must be entered between 8am New York time and 5pm Tokyo time only.
Long Trade 1
* Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.6298.
* 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 0.6590.
* 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
This pair is absolutely going nowhere, it is all just choppy consolidation an equally long way from either key support or key resistance levels. There are better trading opportunities elsewhere. A big price spike after the FOMC release due later might provide an interesting opportunity to fade one of these levels.
Concerning the USD, there will be a release of Crude Oil Inventories data at 3:30pm London time, followed by the FOMC Statement and Federal Funds Rate at 7pm. There is nothing due regarding the NZD.
