NZD/USD Forex Signal - 10 June 2019

Adam Lemon

NZDUSD analysis: 0.6600 looks crucial

Last Thursday’s signals were not triggered, as there was no bearish price action at 0.6636.

Today’s NZD/USD Signals

Risk 0.75%.

Trades must be taken from 8am New York time Monday until 5pm Tokyo time Tuesday.

Short Trade

  • Go short following bearish price action on the H1 time frame immediately upon the next touch of 0.6653.

  • 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 run.

Long Trade

  • Go long following bullish price action on the H1 time frame immediately upon the next touch of 0.6605.

  • 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 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

I wrote last Thursday that the area around 0.6636 was almost certainly going to be today’s pivotal point. This was a reasonably good call as it held to some extent, but did not really produce a clear, strong directional movement.

The picture now is more bearish as despite the technical structure still looking medium-term bullish, we are seeing a steady sell-off in this pair. However, it seems quite likely that we are going to get some amount of bullish bounce when the support at 0.6605 is tested again, which looks very likely to happen today.

I would take a bullish bias here if we get a solid bullish bounce at 0.6605 later.NZDUSDThere is nothing important due today concerning either the NZD or the USD.

About the Author
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.
Learn more from Adam in his free lessons at FX Academy

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Muhammad Shabbir
2019-06-10 21:50:36Z

Need Signal for trading


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