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NZD/USD Forex Signal - 9 June 2016

NZD/USD Signal Update

Yesterday’s signals produced a losing trade from the bearish inside candle rejecting the resistance level of 0.7107 on the H1 chart.

Today’s NZD/USD Signals

Risk 0.75%

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

 

Long Trades

  • Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.7107 or the confluence of 0.7000 and the supportive trend line.

  • 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.

 

Short Trade 1

  • Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 0.7200.

  • 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.

NZD/USD Analysis

This pair was looking very bullish already and it became even more bullish yesterday when the RBNZ announced that the relatively high NZD interest rate of 2.25% would remain unchanged. This sent the price up to test the resistance level of 0.7107 which did hold of an hour or two before breaking to the upside. At the time of writing it is being tested from the other side and appears to be holding. If it is not tested again before the New York session it could be used again as good support later.

The pair has just made a new 1 year high and there seems to be no resistance until 0.7200.

In the unlikely event of a return to 0.7000 and the trend line confluence, that would be very attractive for a long trade.

NZDUSD

There is nothing due today concerning the NZD. Regarding the USD, there will be a release of Unemployment Claims data at 1:30pm London time.

Adam Lemon
About 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.

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