NZD/USD Forex Signal - 2 June 2016

NZD/USD Signal Update

Yesterday’s signals were not triggered.

Today’s NZD/USD Signals

Risk 0.75%

Trades may only be entered between 8am New York time and 5pm Tokyo time today.

 

Short Trade 1

  • Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 0.6862.

  • Place 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.

  • 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 Trades

  • Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.6773 or the broken bearish trend line currently sitting at around 0.6710.

  • Place 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.

  • 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.

NZD/USD Analysis

The price managed to break up above the previous resistance at 0.6804, and is now being supported close the round number at 0.6800. However it feels as if the price is quite likely to pull back to 0.6773 where it could be very well supported for another strong upwards move.

The NZD is definitely looking like one of the more bullish currencies at the present time.

NZDUSD

There is nothing due today concerning the NZD. Regarding the USD, there will be a release of the ADP Non-Farm Employment Change at 1:15pm London time, followed by Unemployment Claims data at 1:30pm and Crude Oil Inventories at 4pm.

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.