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NZD/USD Forex Signal - 14 October 2015

By 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.

NZD/USD Signal Update

Yesterday’s signals were not triggered as the bullish price action occurred below the anticipated support at 0.6647.

Today’s NZD/USD Signals

Risk 0.75%

Trades must be made between 8am and 5pm New York time only, or after 8am Tokyo time later.

 

Long Trade 1

  • Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.6631.

  • 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.

  • 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 2

  • Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.6549.

  • 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.

  • 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.

 

Short Trade 1

  • Go short following a bearish price action reversal on the H1 time frame immediately upon the next entry into the zone between 0.6761 and 0.6801.

  • 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.

  • 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

Unlike the AUD/USD pair, this pair is still looking very bullish, and has flipped previous resistance at 0.6631 to support. Right now it might be making a double top just below 0.6750 but it was, just slightly, a higher high, and in any case we were very close there to an anticipated major resistance. I think either a short from the resistance zone above or a long from a return to 0.6631 would both be good –looking trades.

There is no currency as strong as the NZD right now, so poor US economic data later would make this a logical pair to be long of.

NZDUSD

There are no high-impact releases due today concerning the NZD. Regarding the USD, there will be releases of Retail Sales and PPI data at 1:30pm London 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.

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