Are We Running Out of Milk Cows?
Skerdian Meta • 1 min read
We have been making quite a few pips from EUR/CHF recently, buying around 1.07, so we can say that this forex pair has been the perfect milk cow.
This week, NZD/USD has turned into a little milk cow as well, too. We've had 3-4 winning short term signals in this forex pair since Monday and we're having another go at it right now.
However, the 50 SMA on the H1 forex chart, which has been the main technical indicator for our winning signals, has just been pierced. It doesn't count as a proper break though until we move substantially beneath it, because it can jump above it at any time from these levels.
Yet, it's not as safe buying now as it has been until a few hours ago. So, this cow is drying up for us and the other one (EUR/CHF) seems to be headed in the same direction.
The 1.0680 level, which has been the bottom of the 40 pip support cloud, has been pierced too. The price is still sticking around it, though, so we can't consider this as a proper break either. I'm itching to open another buy signal down here with the idea that the SNB (Swiss National Bank) will step in. Well, fingers crossed and let's hope that these two pairs continue to provide dairy for us for a few more days.