NZD/USD Forex Signal - 21 November 2016

NZD/USD Signal Update

Last Thursday’s signals were not triggered as the price action was not sufficiently bullish at the first touch of the support level identified at 0.7013.

Today’s NZD/USD Signals

Risk 0.75%
Trades must be taken between 8am New York time and 5pm Tokyo time,during the next 24-hourperiod only.

Long Trade 1

  • Go long following a bullish price action reversal on the 1H time frame immediately upon the next touch of 0.7000.
  • 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

  • Go short following a bearish price action reversal on the 1H time frame immediately upon the next touch of 0.7060.
  • 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

Although we are seeing a reluctance to remain below the psychologically crucial supportive round number at 0.7000, the NZD is not the most bullish currency this morning against the USD, which is a little surprising, so it seems doubtful that we are going to get a strongly bullish turn here unless the USD starts to pull back strongly from its recent rally.

Buying at 0.7000 would be attractive as it looks like the launching pad for the final leg of a bullish Quasimodo / over and under pattern.

Signals NZD/USD

There is nothing due today regarding 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.