Technical Analysis Free Forex Signals NZD/USD Forex Signal - 22 March 2018 NZD/USD Forex Signal - 22 March 2018 Thursday, 22 March 2018 11:52 Share 0 Tweet 0 Pin it 0 +1 Yesterday’s signals were not triggered, as there was insufficiently bearish price action at 0.7242. Today’s NZD/USD Signals Risk 0.50% Trades must be entered from 8am New York time until 5pm Tokyo time, over the next 24-hour period only. Short Trade Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 0.7261. 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 Trades Long entry following some bullish price action on the H1 time frame immediately upon the next touch of 0.7224 or 0.7187. 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 I saw this pair as generally bearish yesterday, and a good vehicle to use to benefit from any USD strength. However, the FOMC release was bearish for the U.S. Dollar, and there has been quite a major turnaround in the technical picture here reflecting that, with the NZD moving from weaker than the AUD to stronger than the AUD. This pair has risen strongly, breaking resistance, and only being held by the level at 0.7261. This might continue to hold, but a sustained break above 0.7261 is likely to be a bullish sign and see the price eventually rise to at least the descending trend line currently sitting at about 0.7325. As for the support, the level at 0.7224 looks most likely to hold with a convincing bullish bounce. I have no directional bias today. I think over the short-term everything is going to depend upon which side of 0.7261 the price remains on. There is nothing due today concerning 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.