Technical Analysis Free Forex Signals NZD/USD Forex Signal - 13 June 2018 NZD/USD Forex Signal - 13 June 2018 Wednesday, 13 June 2018 12:53 Share 0 Tweet 0 Pin it 0 +1 Yesterday’s signals produced a long trade at the pin candlestick on the hourly chart which rejected the support level identified at 0.7000 during the Asian session. At the time of writing, the trade is nicely in profit and moving in the right direction. Today’s NZD/USD Signals Risk 0.75%. Trades may only be entered from 8am New York time until 5pm Tokyo time, during the next 24-hour period. Short Trade Short entry following bearish price action on the H1 time frame immediately upon the next touch of 0.7053. 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 Long entry following bullish price action on the H1 time frame immediately upon the next touch of 0.7000 or 0.6956. 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 I wrote yesterday that I had no short-term directional bias. This was a pretty good call as the price moved down before bouncing at the support level identified at 0.7000. What is exciting about this long trade is that the entry comes at a very psychologically big level, and it also comes at a time when the AUD and NZD are becoming established as the strongest currencies after the U.S. Dollar. Also, this bullish bounce has happened at the same time in both the AUD/USD and NZD/USD currency pairs. The rise from 0.7000 looks healthy and I expect it to continue, at least until the FOMC release, so I take a bullish bias until the FOMC release which might push the price anywhere and override technical structure. There is nothing due today concerning the NZD. Regarding the USD, there will be a release of PPI data at 1:30pm London time, followed by Crude Oil Inventories at 3:30pm and then the FOMC releases at 7pm followed by the usual press conference half 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.