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NZD/USD, good sell?

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  • NZD/USD, good sell?

    Today New Zealand employment data shows that the jobless rate has risen in the first Quarter. On chart H4, I observe NZDUSD had been rising steadily before reaching the resistance at 0.70534 and currently drops to as low as 0.68915. ADX is 31.11 along with DI- staying above DI+, suggesting bearish market. I expect the pair to fall further, so Iím going to sell and take profit at 0.68337.

  • #2
    Maybe, but if we look on daily timeframe, this pair also still has tendencies to continue bullish, but on demo will not impact to emotion pressure although floating long time might not worried losing money.

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    • #3
      Originally posted by taylor View Post
      Today New Zealand employment data shows that the jobless rate has risen in the first Quarter. On chart H4, I observe NZDUSD had been rising steadily before reaching the resistance at 0.70534 and currently drops to as low as 0.68915. ADX is 31.11 along with DI- staying above DI+, suggesting bearish market. I expect the pair to fall further, so I’m going to sell and take profit at 0.68337.

      Yeah, I think it looks like a good sell, especially on the back of this small retracement.
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      • #4
        agreed...its clinging on to downside support, but i dont see it lasting

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        • #5
          From what I see currently the pair still stick with the bear movement. A reverse happened yesterday since the New Zealand dollar has actually found support from a range of data, but then slumped again after testing resistance at 0.68482. We shall wait for US data to be released today to enter new positions.

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