Technical Analysis Free Forex Signals NZD/USD Forex Signal - 8 February 2018 NZD/USD Forex Signal - 8 February 2018 Thursday, 8 February 2018 9:05 Share 0 Tweet 0 Pin it 0 +1 Yesterday’s signals were not triggered, as there was insufficiently bearish price action at 0.7214. Today’s NZD/USD Signals Risk 0.50% Trades may only be taken between 8am New York time and 5pm Tokyo time, over the next 24-hour period. Short Trades Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 0.7250 or 0.7214. 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. Long Trade Long entry following some bullish price action on the H1 time frame immediately upon the next touch of 0.7110. 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. 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 The price has broken below the lower trend line of the formerly dominant bearish price channel and seems to have flipped support at 0.7214 to become new resistance. These are bearish signs, and the price has clearly shown some bearish momentum over recent hours. This paints a considerably more bearish picture, so I now take a bearish bias. Even better for bears, there are no obvious key support levels before 0.7110 which is more than a typical daily range away, so the line of least resistance looks to be downwards. If the resistance at 0.7214 can survive until the New York open, another failed test there (or even higher, at a confluence of the psychologically key 0.7250 and the broken trend line) could provide a good short trade entry later. There is nothing due today concerning either the NZD or the USD 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.