NZD/USD Seems to Be the Weakest Link - Forex News by FX Leaders
The 50 SMA has turned into resistance on the H4 chart

NZD/USD Seems to Be the Weakest Link

Posted Tuesday, August 18, 2020 by
Skerdian Meta • 1 min read

The USD has turned quite weak against all major currencies in the recent months, losing considerable ground. The coronavirus situation seems similar in many countries, but the protests in the US and the upcoming presidential elections have hurt the sentiment for the Buck.

But, while other pairs have gained decent ground, NZD/USD has been feeling quite weak recently. This forex pair peaked above 0.67 in the last day of July, but reversed down and has been declining lower since then, while the other pairs have been going up as the USD slips lower.

This shows that the NZD is feeling quite weak now, even though the USD is falling. So, the decline will pick further pace once the USD stops declining. That’s why we decided to open a sell forex signal in this pair below the 50 SMA (yellow) on the H4 chart, which was providing resistance for this pair last week.

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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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