Technical Analysis Free Forex Signals NZD/USD Forex Signal - 11 October 2017 NZD/USD Forex Signal - 11 October 2017 Wednesday, 11 October 2017 8:48 Share 0 Tweet 0 Pin it 0 +1 Yesterday’s signals were not triggered, as none of the specified key levels were ever reached. Today’s NZD/USD Signals Risk 0.50% Trades must be taken between 8am New York time until 5pm Tokyo time, over the next 24-hour period only. Open trades should be protected by 6:30pm. Long Trades Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.7035 or 0.6986. 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 Go short following some bearish price action on the H1 time frame immediately upon the next touch of 0.7117. 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 There has been no change to the technical picture over the past 24 hours. The bearish trend line shown in the chart below is still dominant, as it has continued to hold while the price has traded sideways. Below, the key psychological round number of 0.7000 is not far away, and this could become an important bullish turning point. Until anything happens down there, in the meantime, I maintain a bearish bias, which is helped by pessimism over New Zealand’s post-election political deadlock. Note how the NZD is one of the weaker currencies overall right now. The New Zealand Dollar is relatively weak, so a bullish FOMC Meeting Minutes release later would be likely to be particularly expressed by a downwards move in this pair. There is nothing significant due today concerning the NZD. Regarding the USD, there will be a release of the FOMC Meeting Minutes at 7pm London time. Currency Pairs USD/NZD Adam Lemon 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.