The Aussie is Being Stubborn, Unlike the Kiwi
Skerdian Meta • 1 min read
The Aussie and the Kiwi are positively correlated, but last week the correlation was lost a little after the RBA (Reserve Bank of Australia) meeting. The Kiwi kept trading sideways, while the Aussie remained on the back foot.
It seems like this week we´re going to see the opposite. Last night, the NZD/USD took a sudden dive. I thought the market started moving as the Asian trading session was already underway, but all the other major forex pairs were still asleep, only the Kiwi was kookooing on its own.
We didn´t object to that move since we had a sell forex signal on the NZD/USD. But, I was worried that the Aussie wasn´t following since we had a live sell signal on this forex pair as well.
This morning I saw that the AUD/USD had climbed about 20-30 pips, instead of moving lower. The Buck is down against most forex majors this morning, so I don´t think this move has anything to do with the AUD.
The 50 SMA is providing resistance again
Although, the bigger picture doesn´t look that bad. The H4 forex chart is oversold as you can see on the picture above and the 50-SMA (yellow) is providing solid resistance, so we´re pretty safe at the moment, even though we're about 10 pips down.
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