Technical Analysis Free Forex Signals NZD/USD Forex Signal - 12 June 2018 NZD/USD Forex Signal - 12 June 2018 Tuesday, 12 June 2018 13:00 Share 0 Tweet 0 Pin it 0 Yesterday’s signals produced a long trade entry from the bullish outside candlestick which rejected the support level at 0.7000. This has moved more than 20 pips into profit, so the risk should have been taken off the trade by now. It seems to have a good chance to move deeper into profit. Today’s NZD/USD Signals Risk 0.75%. Trades must be taken between 8am New York time and 5pm Tokyo time, over the next 24-hour period. Short Trade Go short following bearish price action on the H1 time frame immediately upon the next touch of 0.7053. 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 Go long following bullish price action on the H1 time frame immediately upon the next touch of 0.7000 or 0.6956. 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 wrote yesterday that today’s direction looked impossible to predict, with both nearby key levels looking likely to hold. This was a good analysis as it confirmed the long entry from the bullish bounce at the key confluent level of 0.7000. There is a chance that this long trade could go on to move more into profit, if the price can break above the resistance level at 0.7053. The Australian Dollar is starting to look more bullish, and as the NZD usually moves along with it, there are hints of the beginning of an upwards trend. However, the NZD is less bullish than the AUD. Today I have a bullish bias above 0.7053. A bearish rejection of the resistance at 0.7053 would create a situation where it would make sense to take at least more partial profit on any long trade still open from 0.7000. There is nothing due today concerning the NZD. Regarding the USD, there will be a release of CPI data at 1:30pm London time. 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.