NZD/USD Forex Signal - 15 March 2016

NZD/USD Signal Update

No signals were given yesterday.

 

Today’s NZD/USD Signals

Risk 0.50%

Trades must be entered from 8am New York time until 5pm Tokyo time only.

 

Long Trade 1

* Go long following a bullish price action reversal on the H1 time frame immediately upon the next entry into the zone between 0.6557 and 0.6544.

* Put 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.

* Remove 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to run.

 

NZD/USD Analysis

This pair is being pushed down by a strengthening USD due to a decline in risk appetite ahead of tomorrow’s FOMC releases, and this sentiment is also pushing down commodity currencies such as the AUD which tends to drag the NZD along in its wake. There might be support anywhere below 0.6620, especially at the round number itself of 0.6600, but the really key area looks to be the zone centred on 0.6550.

There is no obvious key resistance level above.

The long-term picture shows a pair that is just swinging around an average and not really going anywhere, although there is a slight bullish bias there.

NZDUSD

Regarding the USD, there will be a release of Retail Sales and PPI data at 12:30pm London time. Concerning the NZD< there will be a release of GDT Price Index data at an unknown time.

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.