Fundamentals and technicals say SELL NZD/USD
Following dovish remarks coming out of the RBNZ (Reserve Bank of New Zealand) and the MMAR Indicator that I use (Madrid Moving Average Ribbon) turning distinctly BEARISH , a SELL NZD/USD is on the horizon.
A look at the MMAR on the H1 chart sees an ever tightening squeeze of the MA's and this will lead to a break out either north or south.
From the look of the chart, I can see only one direction this pair will break and its south.
I have set a SELL STOP order under the last points of support and anticipate that this trade will move 135 pips before it hits support at WS1 Pivot area (that's if it triggers)
A look at the MMAR on the H1 chart sees an ever tightening squeeze of the MA's and this will lead to a break out either north or south.
From the look of the chart, I can see only one direction this pair will break and its south.
I have set a SELL STOP order under the last points of support and anticipate that this trade will move 135 pips before it hits support at WS1 Pivot area (that's if it triggers)