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NZD/USD Forex Signal - 21 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 produced a losing long trade off the bullish pin bar that formed on the hourly chart rejecting support at 0.6740.

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.

  • 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.

 

Short Trade 1

  • Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 0.6754.

  • 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.

 

Short Trade 2

  • Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 0.6783.

  • 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

I was right yesterday to see 0.9840 as a resistance level, even if minor, as the price never really managed to get above it. Later in the day there was a very poor GDT Price Index release that absolutely hammered the NZD, leading to this sharp fall and an easy slice through the first support level, before eventually even breaking down below the second support level.

Now the pair is recovering with a slight upwards movement, but the market’s sentiment on NZD will have changed now to bearish, so the best opportunities will probably come now from short trades. The former support at 0.6783 is likely to have flipped to resistance, but even before that there is a zone beginning at the psychologically key level of 0.6750 which is likely to be pivotal.

NZDUSD

 There are no high-impact releases due today concerning the NZD or the USD.

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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