Technical Analysis Free Forex Signals NZD/USD Forex Signal - 7 March 2018 NZD/USD Forex Signal - 7 March 2018 Wednesday, 7 March 2018 12:30 Share 0 Tweet 0 Pin it 0 +1 Yesterday’s signals were not triggered, as the bearish price action took place above all of the nearby resistance levels. Today’s NZD/USD Signals Risk 0.75% Trades may only be taken between 8am New York time and 5pm Tokyo time, during the next 24-hour period. Short Trade Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 0.7307. 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 Trades Go long following some bullish price action on the H1 time frame immediately upon the next touch of 0.7275 or 0.7246. 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 technical picture has changed significantly and has now become considerably more bullish. The Price rose strongly yesterday and broke all three resistance levels, which is a very bullish sign coming soon after a medium-term bearish trend line was finally broken to the upside. It is obvious that the two former resistance levels below the current price have flipped to become support, with 0.7275 having already been tested and holding. The only exception is the resistance above which only needed to be adjusted upwards slightly, which is now holding at 0.7307. I now take a bullish bias and see that if the price consolidates above the nearby support at 0.7275, it could provide a good long trade entry opportunity at around the time New York opens. There is nothing due today concerning the NZD. Regarding the USD, there will be a release of the ADP Non-Farm Employment Change at 1:15pm London time, followed by Crude Oil Inventories at 3:30pm. 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.