NZD/USD Forex Signal - 19 September 2018

Today’s NZD/USD Signals

Risk 0.50%.

Trades may only be entered from 8am New York time until 5pm Tokyo time, over the next 24-hour period.

Short Trades

  • Short entry following bearish price action on the H1 time frame immediately upon the next touch of 0.6665 or 0.6710.
  • Put 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 bullish price action on the H1 time frame immediately upon the next touch of 0.6650 or 0.6490.
  • Put 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 pair is struggling to break out of the bearish swamp that has pushed it towards the 0.6500 support level since January 2016. The pair currently trading around 0.6605 level and although the rebound is in a limited range, the overall direction of the pair will remain bearish. On the daily chart for the pair it seems clear that the opportunity for uptrend correction still needs stronger gains.

NZDUSD signal

There is nothing important due today concerning the NZD. Regarding the USD, here will be the release of the Building Permits data.

Adam Lemon

Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.