Technical Analysis Free Forex Signals NZD/USD Forex Signal - 7 February 2018 NZD/USD Forex Signal - 7 February 2018 Wednesday, 7 February 2018 10:37 Share 0 Tweet 0 Pin it 0 +1 Last Monday’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 entered from 8am New York time until 5pm Tokyo time, during 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 0.7347, 0.7364, or 0.7381. 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 0.7214. 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 In my previous analysis last Monday, I noted how although there was an absence of any nearby key support levels, the Kiwi was showing some relative strength. As it happened, the price has broadly risen rather than fallen. I missed the medium-term lower channel trend line, which I have now included in the chart below, which shows that the price is moving gently downwards in a bearish trend, although it has been rising over recent days. To further complicate the picture, there is a new and lower resistance level at 0.7347. The only high probability potential trade I can see here could be a new short trade from one of the resistance levels above, especially if at the time the level would be confluent with the middle bearish trend line. Regarding the USD, there will be a release of Crude Oil Inventories data at 3:30pm London time. Concerning the NZD, there will be a release of the RBNZ Monetary Policy Statement, Rate Statement, and Official Cash Rate at 8pm, followed by the usual press conference an hour later. 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.