NZD/USD Forex Signal - 15 August 2016

NZD/USD Signal Update

Last Thursday’s signals were not triggered as neither of the key levels were reached.

 

Today’s NZD/USD Signals

Risk 0.50%

Trades must be entered between 8am New York time until 5pm Tokyo time, during the next 24 hours only.

 

Long Trade 1

* Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.7150.

* Put 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.

* Remove 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to ride.

 

Short Trade 1

* Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 0.7306.

* Put 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.

* Remove 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 end of last week saw this pair continue to fall fairly steadily off its weekly high a little above 0.7300. The action suggests that we will probably reach 0.7150 before 0.7306. The NZD seems genuinely weaker than it has been for a while, as has been seen in its long-term bullish trend, so the 0.7306 might mark a major high.NZDUSD

 

There is nothing of high importance due today concerning either the NZD or the USD.

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.