Since We’re Here, Let’s Give NZD/USD Another Try
Skerdian Meta • 1 min read
In the last update we posted, we talked about how bearish EUR/GBP looks on the hourly forex chart. We opened a sell forex signal there, but right before that, we opened another sell signal in NZD/USD.
Creepy crawlers all over the NZD.
This forex pair has been in a steep downtrend in the last few weeks, which picked up pace in the last week or so. Actually, this is the main reason why we decided to go short on NZD/USD.
In fact, we have had quite a few forex signals going south in this pair and almost all ended up in profit. So, we thought that this might be another good opportunity to short this pair.
The 50 SMA will provide a defense to sellers if the buyers decide to push higher.
The H1 chart is oversold as the stochastic indicator shows and the 50 SMA (yellow) is standing also pretty close above.
Before I opened this forex signal though, I took a look at the other commodity currencies, the Aussie, and the Canadian Dollar. They have been declining against the USD, and it seems that they can’t find the stamina to push higher. The commodity block looks weak enough to go short, so we shorted NZD/USD.