Danger! The USD Is Under Attack

The US Dollar found an air pocket for a moment there and it lost quite a few pips. EUR/USD and GBP/USD climbed about 25 pips higher while the Yen gained more than 40 pips pretty quickly.

This means that USD/JPY dived 40 pips lower and our sell forex signal in this pair hit the take profit target during that move. So, we got our pips from that signal and we opened another forex signal right away since the chart setup seemed favourable.

The buyers are still stuck at the 100 SMA

We opened another sell signal, this time in NZD/USD. As you can see from the hourly chart, this pair reached the 100 SMA (green) which has provided support before. We opened this signal just below this moving average.

Besides that, the stochastic indicator is overbought on this timeframe chart. But, the sudden dive in USD pairs sent this pair above the 100 SMA. Although, the climb in this pair has stopped; the price us only a handful of pips above the opening price of our forex signal and the setup still seems bearish, so we’re still good here.   

ABOUT THE AUTHOR See More

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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