NZD/USD fell on Tuesday after breaking the 0.8000 barrier, and then printed the shooting star on Monday. The signal was confirmed as the markets broke
NZD/USD fell on Tuesday after breaking the 0.8000 barrier, and then printed the shooting star on Monday. The signal was confirmed as the markets broke below the low on Monday, which was a sell signal. The fact that we have closed below 0.8000 does not bode well for bulls. If the market can break the lows over the last week or so – this pair goes much lower, perhaps to 0.7500 or so. The breaking of the Monday high is what it would take in order for us to get long of the Kiwi dollar. The “Risk On” trade needs to be in vogue for this pair to rise again. With situations in Europe being so cloudy, it is difficult to get bullish the “Risk On” trade.
Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.
