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NZD/USD, good sell?
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Originally posted by taylor View PostToday 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 Im 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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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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