Technical Analysis Free Forex Signals NZD/USD Forex Signal NZD/USD Forex Signal Thursday, 7 February 2019 13:21 Share 0 Tweet 0 Pin it 0 Yesterday’s signals were not triggered, as there was no bullish price action at 0.6802. Today’s NZD/USD Signals Risk 0.75%. Trades must be entered between 8am New York time Thursday and 5pm Tokyo time Friday only. Short Trade Short entry following bearish price action on the H1 time frame immediately upon the next touch of 0.6802. 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 ride. Long Trade Long entry following bullish price action on the H1 time frame immediately upon the next touch of 0.6708 or 0.6677. 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 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 the picture had become more bearish, despite medium-term strength in the USD, so I was comfortable taking a bearish bias following a rejection of either of the nearby resistance levels. Neither of these levels were reached, but the price fell strongly, so I was at least correct to be looking to the bearish side. The price now seems to be starting to make a bullish “U” shape which suggests it may be bottoming out now. Another bullish sign is that the NZD appears to be leading the AUD here. I think the price will probably rise from here over the short-term, but 0.6802 looks likely to hold and might provide an opportunity to go short if there is a strong bearish reversal there later.There is nothing of high importance due today regarding either the NZD or the USD. 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.