NZD/USD Signal Still Looking Good Despite Being in the Red - Forex News by FX Leaders

NZD/USD Signal Still Looking Good Despite Being in the Red

Posted Monday, September 4, 2017 by
Skerdian Meta • 1 min read

Last night we opened a forex signal in NZD/USD. We sold this pair at 0.7169 while the sellers were slightly pushing lower in the early hours of Asian trading.

The chart doesn’t look great because we’re a few pips in the red, but it doesn’t look too bad either.

The buyers pushed around 15-20 pips higher in the last hour but this move is too weak compared to the 30 pip jump in EUR/USD and the 40 pip dive in US/JPY.

According to the price action we’re seeing in this pair this morning, I think that the upside is limited.

Previous resistance is still in play at 0.72

The 100 SMA (green) on the hourly forex chart is not too far away, holding around 0.72, which was the high on Friday. That’s a pretty decent resistance level if we do move up there, but I doubt it, given the lack of will to push above last night’s high. So, for now, we´re hanging on to our NZD/USD signal.

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About the author

Skerdian Meta // Lead Analyst
Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
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