NZD/USD Seems to Be the Weakest Link
NZD/USD has retraced higher today, but the pressure remains on the downside
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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