NZD/USD Forex Signal - 12 October 2015

NZD/USD Signal Update

Yesterday’s signals expired without being triggered.

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 0.6647.

  • 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 run.

 

Long Trade 2

  • Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.6549.

  • 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 run.

 

Short Trade 1

  • Go short following a bearish price action reversal on the H1 time frame immediately upon the next entry into the zone between 0.6761 and 0.6801.

  • 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’s strong upwards move has continued to power up. The NZD and AUD are very highly positively correlated right now. Bullish momentum is there but we are now approaching an area that has acted as strong resistance in the past and which will be very likely to at least cause a pause in any continued upwards movement. This resistant area will probably begin at around 0.6762.

A pull back to 0.6647 or lower will probably give a good opportunity to get long.

NZDUSD

There are no high-impact releases due today concerning either the NZD or the USD. It is a public holiday today in the USA.

Adam Lemon

Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.