NZD/USD Presenting Us With Another Selling Opportunity?
Skerdian Meta • 1 min read
Our NZD/USD and AUD/ USDsell signals closed this morning together as these two major currencies were sliding. Now they are retracing higher, do we have a trade in sight?
Waiting for NZD/USD to reach the 100 SMAs
Looking at the H1 AUD/USD chart, we see that this pair bounced off the 200 SMA (purple) after forming a pin a few hours ago. It then stalled at the 50 SMA (yellow), which might provide some resistance, so that moving average looks like a nice place to sell.
On the other hand, this pair has shown to be more resilient than NZD/USD and I´m a bit afraid that it might take another step higher.
NZD/USD looks much more vulnerable. The fall this morning accounted for around 70 pips even though the moves are relatively smaller in NZD/USD. The decline in AUD/USD was around 50 pips.
Even the climb higher this afternoon looks a lot weaker in NZD/USD than the retrace we are seeing in AUD/USD.
These factors combined make NZD/USD much more attractive for sellers, so I´m currently planning on opening another sell forex signal in this pair. Although, I’d like to see the price around the 100 SMAs (green & red) for a better risk/reward ratio.