NZD/USD Forex Signal - 9 January 2017

NZD/USD Signal Update

Last Thursday’s signals were not triggered as neither of the key levels were reached.

Today’s NZD/USD Signals

Risk 0.50%

Trades may only be entered between 8am New York time and 5pm Tokyo time, over 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 0.6938.

  • 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 run.

 

Short Trade 1

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

  • 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 run.

NZD/USD Analysis

The most interesting thing about this pair is that it is mostly following AUD/USD, but it is less bullish. For many months, it has been the other way around.

We have seen 0.6950 act as support, which is logical, and I think if the price reaches below that and hits 0.6938, that could be a decisive level at which to get long.NZDUSD

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.