NZD-USD-SELL
NZDUSD | SHORTING THIS TRADE MAKES SENSE Hey Traders,
So this trade looks like a good selling opportunity, especially if it closes as a bearish engulfing for confirmation towards the downside.
Monthly, weekly and daily moving averages well above the candlesticks showing further bearish pressure.
It recently had a pullback from the daily moving average or 4h 200 so it seems to have had a push exhaustion push scenario going back down.
It also broke out our recent up-trend
NZDUSD: SELLAnother Seasonality Sell for Q1.
Updating our analysis from the start of this week. If you placed a SELL order on NZDUSD this week, you can expect to Take Profit around 0.70736 (conservative) - 0.69802 (aggressive) . For those hoping to close out the month strong on this pair, we suggest setting your TP to the more aggressive target.
NZDUSD SELL OPPERTUNITYLooking at NZDUSD a potential sell opportunity.
Price has undoubtable shot up over recent weeks for NZDUSD. In fact, price hasn't reached the current heights since June 2018!
The Relative Strength Indicator (RSI) is showing us the market has been overbought.
We can also see the Ascending Trend which has the potential to break. Therefore, I will be opening a 'Sell Stop' trade. If price hits the 0.69946 my position will automatically open and I will have the Take Profits set as per my chart.
SL: 68 pips
TP1: 41 pips
TP2: 108 pips
Risk to Reward Ratio: 1.55
Remember to LIKE, COMMENT and FOLLOW for more trade ideas!
@newgenforex on all social media platforms :-)
NZDUSD affected by the trade war?China has retaliated and applied tariffs on 106 US imports (25% tariffs on US Soybeans). This will cause further uncertainty not only to US but the global growth, especially economics with greater dependency on trade. In this scenario, we are likely to see weaker USD with an increased appetite for reserve currencies (JPY).
Tonight we have a range of economic data to be released, especially the UK Construction PMI, US ADP Non-Farm and ISM PMI.
But, with the view of the potential of a trade war on the table, I would be even more cautious trading these news releases.