NZD/USD Forex Signal - 24 March 2016

NZD/USD Signal Update

Yesterday’s signals were not triggered.

 

Today’s NZD/USD Signals

Risk 0.75%

Trades must be entered from 8am New York time to 5pm Tokyo time only.

 

Short Trade 1

* Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 0.6790.

* 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.

 

Long Trade 1

* Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.6625.

* 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.

 

NZD/USD Analysis

I wrote yesterday that the price looked to be headed downwards, and we have seen a further fall. However it now looks as if the price is consolidating and possibly even beginning to turn ahead of the key U.S. economic data releases due shortly after New York opens for business.

This pair is ranging over the long-term, so either shorts or longs are likely to be just as good.

NZDUSD

There is nothing due today concerning the NZD. Regarding the USD, there will be a release of Core Durable Goods Orders and Unemployment Claims data at 12:30pm 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.