NZD/USD Forex Signal - 23 December 2015

By: DailyForex.com

NZD/USD Signal Update

Yesterday’s signals expired without being triggered.

 

Today’s NZD/USD Signals

Risk 0.75%

Trades may only be taken between 8am New York and 5pm Tokyo times today.

 

Long Trade 1

* Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of the bullish trend line currently sitting at around 0.6732.

* 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 0.6700.

* 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.

 

NZD/USD Analysis

The uptrend remains intact, although there is clearly strong selling every time the price gets to 0.6825. As we have just been there, I would not be looking for a short there just yet.

There is a very clear upwards trend, supported by a trend line for over one month now with no ambiguity.

There may be minor support at 0.6740 as well as the trend line. A confluence of that price with the trend line should be powerful.

NZDUSD

Regarding the USD, there will be a release of Core Durable Goods Orders data at 1:30pm London time. There is nothing due concerning the NZD.

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.