Bearish NZD/USD
1.The main trend is down
2.The sentiment is negative still
3.The 20 SMA provided resistance
Yesterday we had two sell forex signals in AUD/USD and NZD/USD, both of which closed in profit as the market started leaning towards the USD. The trend has been bearish for several days in these pairs and it has picked up pace as well.
On top of that, the market sentiment has been negative for commodity currencies so the situation remains bearish. The 20 SMA (grey) is also pushing the price lower, which shows how strong the downtrend is. For these reasons, we decided to sell the latest bounce in NZD/USD.
1.The main trend is down
2.The sentiment is negative still
3.The 20 SMA provided resistance
Yesterday we had two sell forex signals in AUD/USD and NZD/USD, both of which closed in profit as the market started leaning towards the USD. The trend has been bearish for several days in these pairs and it has picked up pace as well.
On top of that, the market sentiment has been negative for commodity currencies so the situation remains bearish. The 20 SMA (grey) is also pushing the price lower, which shows how strong the downtrend is. For these reasons, we decided to sell the latest bounce in NZD/USD.