NZD/USD Forex Signal - 31 August 2016

NZD/USD Signal Update

Yesterday’s signals were not triggered as none of the key levels were reached.

Today’s NZD/USD Signals

 

Risk 0.75%

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

 

Long Trades

  • Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.7200 or 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 Trades

  • Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 0.7266 or 0.7290.

  • 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

It is interesting that the lows at 0.7200 are holding, so even though we had that really strong down day very recently from which the price has not yet truly recovered, you have to say that the potential for an upwards resumption is still there and that the support at 0.7200 looks to be strong.NZDUSD

There is nothing due today concerning the NZD. Regarding the USD, there will be a release of the ADP Non-Farm Employment Change data at 1:15pm London time, followed by Crude Oil Inventories at 3pm.

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.