NZD/USD Forex Signal - 16 November 2015

NZD/USD Signal Update

Last Thursday’s signals would have produced a long trade off the bullish rejection of the support level at 0.6500, but this trade would still not have gone anywhere, and in fact would be in negative territory now.

 

Today’s NZD/USD Signals

Risk 0.75%

Trades must be taken from 8am New York time until 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 0.6500.

* 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.

 

Long Trade 2

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

* 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.

 

Long Trade 3

* Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.6390.

* 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 0.6578.

* 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.

 

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

We are forming a consolidating triangle with the floor at 0.6500 being tested a few times. It now looks quite ready to break so if there is a bullish push on USD and a decisive break we could expect a move down to 0.6390 eventually.

NZDUSD

There is nothing due today regarding the USD. Concerning the NZD, there will be a release of Inflation Expectations data at 2am London time.

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.