NZD/USD Forex Signal - 14 September 2017

14 September 2017 8:51:32 AM

Yesterday’s signals were not triggered, as neither of the key levels were touched until the end of the Asian session.

Today’s NZD/USD Signals

Risk 0.75%

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

Long Trades

  • Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.7216 or 0.7178.
  • Put 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 Trades

  • Short entry following some bearish price action on the H1 time frame immediately upon the next touch of 0.7262 or 0.7337.
  • Put 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 is starting to look more technically interesting. We have new lower resistance, and a short-term triangle pattern emerging as the support level at 0.7216 holds firm. I do not have much faith in 0.7262 as resistance, I think the two support levels below look much stronger and are significantly more likely to produce good bullish reversals, so I maintain a slight bullish bias for the time being.

NZDUSD

There is nothing due today concerning the NZD. Regarding the USD, there will be a release of CPI 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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