Technical Analysis Free Forex Signals NZD/USD Forex Signal - 6 December 2018 NZD/USD Forex Signal - 6 December 2018 Thursday, 6 December 2018 12:20 Share 0 Tweet 0 Pin it 0 Yesterday’s signals were not triggered, as there was no bullish price action at 0.6888. Today’s NZD/USD Signals Risk 0.75%. 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 0.6888 or 0.7000. 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 Trade Long entry following bullish price action on the H1 time frame immediately upon the next touch of 0.6750. 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 look to trade reversals in either direction: long off 0.6888 or short off 0.7000. The long would be confluent with a filling of the weekend gap and looks more likely to happen first, so this was likely to be the only opportunity to watch out for. I had no directional bias. As it happened, the bearish momentum put the price easily through 0.6888, which may well now have flipped to become new resistance. We are currently seeing sentiment against the Australian Dollar which is always sensitive to risk-off sentiment, which is helping to weaken the New Zealand Dollar. So, although the bearish movement may now be running out of momentum, I would be prepared to take a bearish bias if we see a retracement to the 0.6888 level following by a failure and a fresh bearish push. If the price can get and hold above 0.6888, that would be a bullish sign. There is nothing important due today concerning the NZD. Regarding the USD, there will be a release of ISM Non-Manufacturing PMI data at 3pm London time, followed later by a minor speech from the Chair of the Federal Reserve at 11:45pm. 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.