Short on NZD/USD at the 100 SMA
This morning we had quite a few winning forex signals. They were mainly signals on indices and forex crosses. My colleague Arslan takes care of them; so well done to him!
We also opened a forex signal a short while ago. I sold this forex pair based on a bearish chart formation. Let’s have a quick look at that setup.
The last two candlesticks are pointing down
As you can see from the chart above, this forex pair is on a downtrend. NZD/USD shot 100 pips higher on Wednesday without being able to change the trend. The 100 SMA (red) provided resistance on Wednesday evening then the 200 SMA (purple) took its place on Thursday. Now it seems like the 100 SMA is back on the job again.
Buyers have been pushing higher today but the 100 SMA is providing resistance. Price formed two upside down pins this morning. Pins are reversing signals, so we decided to open a sell signal based on this chart setup. The stochastic indicator is also overbought and turning down, so the retrace up is complete. Let’s hope we have another winning forex signal this morning.
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