NZD/USD Forex Signal - 2 August 2016

NZD/USD Signal Update

Yesterday’s signals were not triggered.

Today’s NZD/USD Signals

Risk 0.50%

Trades may only be taken from 8am New York time to 5pm Tokyo time, over the next 24 hours.

 

Long Trades

  • Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.7153 or 0.7119.

  • 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 Trades

  • Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 0.7238 or 0.7305.

  • 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

Although it looks as if this pair is about to print a triple top just under the anticipated resistance level of 0.7238, the recent leg up was quite strong and solid so I would be careful of assuming the price will turn around and fall here back down to the next support.

The long-term trend remains bullish.

NZDUSD

Concerning the NZD, there will be a release of GDT Price Index data during early New Zealand business hours. There is nothing due regarding 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.