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NZD/USD Forex Signal - 5 January 2016

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.

By: DailyForex.com

NZD/USD Signal Update

Yesterday’s signals expired without being triggered.

 

Today’s NZD/USD Signals

Risk 0.75%

Trades may be taken only from 8am New York time until 8am Tokyo time today.

 

Long Trade 1

* Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.6600.

* 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 0.6770.

* 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

It seems that even the NZD is really falling now against the USD, when it had been the strongest of currencies. At the time of writing we are testing the supportive round number of 0.6700. The price may hold here, but if it breaks that is a very bearish sign. We have a new flipped level at 0.6770 that will become especially attractive as resistance if the support at 0.6700 becomes erased over the coming hours by price action.

NZDUSD

Concerning the NZD, there is expected to be a release of the GDT Price Index later today. There is nothing regarding 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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