NZD/USD Forex Signal - 28 February 2017

Yesterday’s signals were not triggered as the bearish price action took place above the resistance level identified at 0.7214.

Today’s NZD/USD Signals

Risk 0.75%

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

 

Long Trade 1

  • Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.7119.

  • 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 run.

 

Short Trades

  • Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 0.7240 or 0.7285.

  • 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 run.

 

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

There has been no change to the situation outlined yesterday, which can basically be summarized as a medium-term consolidation There is no long-term trend here, but this is usually a difficult pair to trade off support and resistance levels, so it can be hard to benefit from such a situation. There are probably going to be better opportunities elsewhere over the short term.

NZDUSD

There is nothing due today concerning the NZD. Regarding the USD, there will be a release of Preliminary GDP data at 1:30pm London time, followed by CB Consumer Confidence at 3pm. President Trump will be speaking before a joint session of Congress at 2am.

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.