NZD/USD Forex Signal - 12 February 2018

Monday, 12 February 2018 11:47

By: DailyForex.com

Last Thursday’s signals were not triggered, as none of the key levels were hit during the specified time period.

 

Today’s NZD/USD Signals

Risk 0.50%

Trades must be entered from 8am New York time until 5pm Tokyo time, during the next 24-hour period only.

 

Short Trade

· Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 0.7277.

· 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.

 

Long Trade

· Go long following some bullish price action on the H1 time frame immediately upon the next touch of 0.7230.

· 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 took a bearish bias in my previous forecast last Thursday, and it turned out to be wrong, although the wider picture remains bearish in my view. The price remains within a wide, dominant bearish price channel and seems to have established new flipped resistance at 0.7277. However, there is also new, higher support at 0.7230, and there was clearly strong buying at the round number of 0.7200 once the price began its recent upwards leg of movement, so bears need to watch out for those areas. Yet there is no doubt the medium-term picture is decisively bearish, so I maintain a bearish bias.

NZDUSD

There is nothing due today concerning either the NZD or the USD.

 

 

 

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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