NZD/USD Forex Signal

10 August 2017 9:06:46 AM

By: DailyForex.com

Yesterday’s signals were not triggered as there was no bullish price action at 0.7299.

 

Today’s NZD/USD Signals

Risk 0.75%

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 0.7244.

· Place 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 Trade 1

· Short entry following some bearish price action on the H1 time frame immediately upon the next touch of 0.7391.

· Place 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

The long-term bullish trend in this pair is now in serious doubt as the price continues to fall. It has broken strongly below the anticipated supportive area centred on 0.7300. Interestingly, the NZD remains clearly weaker than its “sister” currency, the AUD, following the RBNZ “talking down” the currency during its earlier major statement a few hours ago. It looks as if the price is going to continue moving down, with the NZD one of the weakest of all the major global currencies. The key level that really stands out from the long-term charts that looks like a crucial “line in the sand” for the long-term trend is 0.7200.

NZDUSD

There is nothing due today concerning the NZD. Regarding the USD, there will be releases of PPI and Unemployment Claims data at 1:30pm London time.

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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