NZD/UD Remains Pretty Bearish

NZD/USD tried to turn higher earlier today, but the retrace ended at the 20 SMA on the H4 chart

Skerdian Meta•Wednesday, February 19, 2020•1 min read

[[NZD/USD]] turned bearish at the beginning of this year, after having retraced higher in the last three months of last year. But, good times ended with the end of Q4 in 2019 and once the new year began, the retrace higher ended and the price turned bearish.

NZD/USD has remained bearish since then, losing nearly 400 pips, as the tensions between US and Iran at first, then the coronavirus epidemic hurt the sentiment in financial markets. During this time, moving averages have turned into resistance and have reversed the price lower many times.

Last week, we saw the price retrace higher, but buyers gave up below 0.65 twice. The 100 SMA (green) also helped reverse the price down in the second occasion, as it was approaching. Today we saw another pullback higher, but the retrace ended at the 20 SMA (grey) this time. So, buyers continue to remain in charge on this pair as well, so pullbacks higher offer good opportunities to sell.

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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.