NZD/USD Forex Signal

14 June 2017 9:50:46 AM

By: DailyForex.com

Yesterday’s signals were not triggered as there was no bearish price action at 0.7241 when that level was reached.

Today’s NZD/USD Signals

Risk 0.75%

Trades must be taken from 8am New York time until 5pm Tokyo time, during the next 24-hour period.

Long Trade 1

  • Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.7153.
  • Place 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. 

Short Trade 1

  • Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 0.7285.
  • Put 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. 

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

This pair remains in a strong and reliable short to medium term bullish trend. The interesting development over the past few days is that the NZD is beginning to hold up better than the AUD, as these two currencies are usually closely correlated. There is a double bottom at 0.7170 which may act as support before the stronger 0.7153 level is reached, and even before that, there is a strongly supportive bullish trend line.NZDUSD

Regarding the USD, there will be a release of CPI and Retail Sales data at 1:30pm London time, followed by Crude Oil Inventories at 3:30pm. Finally, we will get the FOMC Statement, Federal Funds Rate, and Economic Projections at 7pm with the usual Press Conference half an hour later. Concerning the NZD, there will be a release of GDP data at 11:45pm.

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.

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