NZD/USD Forex Signal

10 January 2017 10:45:47 AM

By: DailyForex.com

NZD/USD Signal Update

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

Today’s NZD/USD Signals

Risk 0.50%

Trades must be taken from 8am New York time until 5pm Tokyo time, during the next 24-hour period only.

 

Long Trade 1

  • Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.6938.

  • 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

  • Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 0.7048.

  • 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.

 

The best method to identify a classic “price action reversal” is for an hourly candle to close, such as a pin bar, a doji, an outside or even just an engulfing candle with a higher close. You can exploit these levels or zones by watching the price action that occurs at the given levels.

NZD/USD Analysis

The price came extremely close to the key resistance level I highlighted at 0.7048 before falling quite strongly, although unfortunately it did not quite touch that price as it would have been a nice short trade entry. There is a big triple top up there, and the chart is suggestive of a continued movement down to 0.6938.NZDUSD

There is nothing due today regarding either the NZD or the USD.

Adam is a Forex trader who has worked within financial markets for over 12 years, including 6 years with Merrill Lynch. He is certified in Fund Management and Investment Management by the U.K. Chartered Institute for Securities & Investment. Learn more from Adam in his free lessons at FX Academy.

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