Technical Analysis

NZD/USD Forex Signal

By: DailyForex.com

NZD/USD Signal Update

Yesterday’s signals might have produced a short trade entry following the rejection of the price zone between 0.7162 and 0.7175 although it is subjective whether the candlestick formation was “extremely strong bearish price action”. Anyway, the trade should gave given the minimum of 20 pips of profit, although I do not think it is a good idea to keep it open any more.

Today’s NZD/USD Signals

Risk 0.75%

Trades must be taken between 8am New York time and 5pm Tokyo time only.

Long Trades

Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.7080 or 0.7022.

Put 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 ride.

Short Trade 1

Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 0.7162/75 or 0.7211/28.

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.

NZD/USD Analysis

The NZD, like its sister currency AUD, looks extremely strong at the moment, moving in the direction of its long-term bullish trend but unable yet to break up past a very key long-term resistance zone from 0.7162 to 0.7177 where there was some kind of bearish reversal yesterday.

A Remain vote in the British Referendum tomorrow should see this level break and bullish moves continue, but we will probably have consolidation now until those results become clearer.

NZDUSD Forex Signal

There is nothing due today concerning the NZD. Regarding the USD, the Chair of the Federal Reserve will be testifying before Congress at 3pm London time, followed later by the release of Crude Oil Inventories at 3:30pm.

News Source:http://www.dailyforex.com/

About the author

Yan

Add Comment

Click here to post a comment

Your email address will not be published. Required fields are marked *


Topics

forexing24-ad-1

forexing24-ad-2

  • analystfx-small.jpg
  • analystfx-small.jpg
  • medium.jpg
  • medium.jpg
  • medium.jpg
  • medium.jpg

Recommended Forex Broker

  • banner-300x250-gif-animation-2.gif