NZD/USD Forex Signal - 20 April 2017

20 April 2017 9:07:45 AM

By: DailyForex.com

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

 

Today’s NZD/USD Signals

Risk 0.50%

Trades may only be taken between 8am New York time and 5pm Tokyo time, during 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 0.6986.

* 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 ride.

 

Short Trade 1

* Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 0.7087.

* 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 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

This pair made an obvious and clean bearish turn off the resistance level I identified yesterday at 0.7039. However, the price then turned around and took out the resistance level, killing the trade before falling again. This suggests the price will continue to drift upwards, despite the long-term bearish trend.

There will probably be better opportunities elsewhere over the short-term.
NZDUSd

There is nothing due today regarding the NZD. Concerning the USD, there will be releases of Unemployment Claims and Philly Fed Manufacturing Index data at 1:30pm London time, followed later by the Treasury Secretary speaking at 6:15pm.

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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