Technical Analysis Free Forex Signals NZD/USD Forex Signal NZD/USD Forex Signal Thursday, 8 November 2018 13:23 Share 0 Tweet 0 Pin it 0 +1 Yesterday’s signals were not triggered, as there was no bearish price action at 0.6720. Today’s NZD/USD Signals Risk 0.75%. Trades may only be entered between 8am New York time and 5pm Tokyo time, during the next 24-hour period. Short Trades Short entry following bearish price action on the H1 time frame immediately upon the next touch of 0.6857 or 0.6888. 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 Long entry following bullish price action on the 1H1 time frame H1H1H1 time frame immediately upon the next touch of 0.6720 or 0.6635. 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 I would be bullish today above 0.6787 but would watch out for the RBNZ’s important monthly input due later. This was a good call as the price has still not got convincingly above 0.6787. I leave the level showing in the price chart below, but it has been invalidated as a precise level. It looks likely that we will not have a short-term bearish retracement. The movement after that will probably depend upon the FOMC release due later. The NZD has been very bullish over recent days, and the odds are still slightly in favour of a continued rise in price, but it would not be a surprise if did not see higher prices. I remain on the side-lines until after the FOMC release which hopefully will provide more clarity. There is nothing important due today concerning the NZD. Regarding the USD, there will be a release of the FOMC Statement and Federal Funds Rate at 7pm 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.