NZD/USD Forex Signal - 12 November 2015

NZD/USD Signal Update

Yesterday’s signals were not triggered.

 

Today’s NZD/USD Signals

Risk 0.75%

Trades must be made after 9am New York time and before 5pm Tokyo time only.

 

Long Trade 1

* Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 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.

 

Long Trade 2

* Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.6450.

* 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 0.6390.

* 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 0.6637.

* 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 0.6703 especially if there is a confluent rejection of the bearish trend line currently located close to that level.

* 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

Against my expectations yesterday, the level at 0.6579 held as resistance. I am not looking for another short trade there yet again however as we have just hit it.

The levels either side look good, with 0.6700 holding out great promise for a short trade.

NZDUSD

There is nothing due today regarding the NZD. Concerning the USD, there will be a release of Unemployment Claims data at 1:30pm London time, followed at 2:30pm by the Chair of the Federal Reserve speaking at a conference.

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.