Technical Analysis Free Forex Signals NZD/USD Forex Signal - 19 December 2017 NZD/USD Forex Signal - 19 December 2017 Tuesday, 19 December 2017 11:56 Share 0 Tweet 0 Pin it 0 +1 By: DailyForex.com Yesterday’s signals were not triggered, as none of the key levels were ever reached. Today’s NZD/USD Signals Risk 0.50% Trades must be taken from 8am New York time until 5pm Tokyo time, over the next 24-hour period only. Short Trades · Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 0.7035 or 0.7102. · 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. Long Trades · Go long following some bullish price action on the H1 time frame immediately upon the next touch of 0.6925 or 0.6908. · 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. 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 I wrote yesterday that the price had kept failing very close the resistance level at 0.7035, so a continued push down to the next support at 0.6925 would not be a major surprise. This would also be in line with the long-term trend. Over the past 24 hours, the price has simply consolidated between 0.7035 and the supportive trend line, which is shown in the chart below. Even during a period of USD weakness, the NZD has failed to rise, and the confidence numbers last night were gloomy. This suggests that a breakdown below the trend line could see the price move down quickly, as a bullish flag pattern would be failing, with 0.6925 the obvious price target. I have a short-term bearish bias below the trend line, particularly below 0.6975. There is nothing important due today concerning the NZD. Regarding the USD, there will be a release of Building Permits data at 1:30pm London time. Currency Pairs NZD/USD 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.