NZD hit 52W low | SHORT TRADE- Alright, I like this trade because it's trending towards the downside on the higher time frames. If we look at the daily TF, we can see multiple rejections off MA 20, suggesting that sellers are really in control of the market.
- On a 4-hour time frame, the price broke both moving averages and we have a recent 1-hour bearish engulfing candlestick suggesting further bearish movement.
- Both currency pairs are being sold off by the hedge funds, but NZD is being sold off more heavily since it hit a 52-week low.
- If support is broken, there is a possible push > exhaustion scenario, and the trade will continue to move down.
