NZD/USD Forex Signal - 12 August 2015

NZD/USD Signal Update

Yesterday’s signals expired without being triggered as there was no bullish price action until the price had already fallen below 0.6500.

Today’s NZD/USD Signals

Risk 0.75%

Trades may only be taken between 8am and 5pm New York time only, or after 8am Tokyo time later.

 

Short Trade 1

  • Short entry following bearish price action on the H1 time frame immediately upon the next touch of 0.6668.

  • 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.

 

Short Trade 2

  • Short entry following bearish price action on the H1 time frame immediately upon the next touch of 0.6761.

  • 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.

NZD/USD Analysis

This pair is really powering up right now as the dollar reacts sharply and reverses its strong rise that occurred yesterday. The key psychological level at 0.6500 was broken but snapped back strongly which suggests we will not fall below there today and quite probably not until next week in fact. Still, there is a strong downwards trend, so there will be attractive levels at which to seek shorts at 0.6668 and 0.6761.

NZDUSD Forex signal

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.