NZD/USD Forex Signal - 19 September 2016

NZD/USD Signal Update

Last Thursday’s signals produced a losing trade following the short trigger of the bearish pin candle rejection of the identified resistance level at 0.7306.

Today’s NZD/USD Signals

Risk 0.75%

Trades may only be entered between 8am New York time and 5pm Tokyo time, over the next 24-hour period.

 

Long Trades

  • Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.7200 or the bullish trend line currently sitting above there at approximately 0.7260.

  • 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

  • Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 0.7360 or 0.7384.

  • 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

Despite its recent falls, this pair remains in a steady long-term bullish trend. The key support area around 0.7200 has not been breached and we now have a valid supportive trend line below, as can be seen in the chart.

This means that we will probably now get a move up to the next area of resistance at least, or proceed towards that until we begin to get fresh U.S. economic data on Wednesday.

NZDUSD

There is nothing 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.