NZDUSD Rally Overdone: A Potential SELL trade
Dear Traders, in my previous NZDUSD idea I advised you to buy NZDUSD at 0.62 area. That trade went great and all 3 targets have been achieved.
Now, I would like to present a possible short set-up through this idea.
As you might have already noticed, persistent USD sell-off coupled with the fact that a US-China trade deal is on the cards is helping risk assets like NZD,AUD, etc to find some bids.
However, in reality, the situation is not as rosy as it seems when it comes to the world economy.
So, there are plenty of risks that can make investors very wary of buying risk assets like NZD.
The current rally in NZDUSD looks like it's about to end very soon.
So, traders can observe the price action in a lower Time frame and in case of weakness, traders can look for SELLs between 0.6735-.06780 with SL above 0.6850. TPs can be set at 0.6610 and 0.6480 respectively.
Now, I would like to present a possible short set-up through this idea.
As you might have already noticed, persistent USD sell-off coupled with the fact that a US-China trade deal is on the cards is helping risk assets like NZD,AUD, etc to find some bids.
However, in reality, the situation is not as rosy as it seems when it comes to the world economy.
So, there are plenty of risks that can make investors very wary of buying risk assets like NZD.
The current rally in NZDUSD looks like it's about to end very soon.
So, traders can observe the price action in a lower Time frame and in case of weakness, traders can look for SELLs between 0.6735-.06780 with SL above 0.6850. TPs can be set at 0.6610 and 0.6480 respectively.
Trade active:
I have two SELLS: One at 0.6722 and the other at 0.6745 from Friday.
Comment:
Break of the 100H EMA in the lower time frame. If price stays under 0.67 and finds acceptance belwo the 100H EMA, it would be good for the shorts.
