NZD/USD Forex Signal - 27 September 2016

NZD/USD Signal Update

Yesterday’s signals triggered a short trade entry off an inside candle rejection of the first broken trend line. This was a losing trade.

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 Trade 1

  • Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.7200.

  • 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 0.7360 or 0.7384.

  • 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

We have had a bullish move similar to the AUD/USD pair, although that has been stronger and more pronounced than this. Technically, we have run into muddy waters due to these trend lines which seem to have provide some resistance, especially this second one. We really need to see the price break up above 0.7384 to get really bullish.

Nevertheless, there is no reason yet to abandon a bullish bias in line with the long-term bullish trend.NZDUSD

There is nothing due regarding the NZD. Concerning the USD, there will be a release of CB Consumer Confidence data at 3pm London time.

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.