Technical Analysis Free Forex Signals NZD/USD Forex Signal - 15 August 2018 NZD/USD Forex Signal - 15 August 2018 Wednesday, 15 August 2018 13:15 Share 0 Tweet 0 Pin it 0 Yesterday’s signals were not triggered, as there was no bullish price action at 0.6560. Today’s NZD/USD Signals Risk 0.50%. Trades must be taken from 8am New York time until 5pm Tokyo time, over the next 24-hour period only. Short Trades Go short following bearish price action on the H1 time frame immediately upon the next touch of 0.6567 or 0.6625. Place 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 bullish price action on the H1 time frame immediately upon the next touch of 0.6544. Place 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 as the NZD was acting more bullishly than the AUD which is always a relatively bullish sign, so bears needed to be a little cautious here and wait for the right moment. If the price broke convincingly above 0.6625 I was ready to take a short-term bullish bias. In fact, the price never reached that level, and continued to fall further, reaching a new 2.5-year low price. There is a strong long-term bearish trend that still has a great deal of momentum, so I remain bearish provided the price remains below 0.6567. The New Zealand Dollar is one of the weakest major currencies, while the U.S Dollar continues to strengthen, so there is every reason to keep a bearish bias here apart from the short-term bullish movement . Regarding the USD, there will be a release of Retail Sales data at 1:30pm London time and Crude Oil Inventories at 3:30pm. There is nothing important due today concerning the NZD. 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.