Bearish on NZDUSD
High yield currencies continue to suffer for the past 2 weeks as market perceives that the high interest rate will not be sustainable, sooner or later their central banks will have to cut interest rate to support their economy.
Kiwi is one of the high yield currency. Due to weak economy data, market expects central bank to cut its interest rate over the next few months. Falling commodities prices also help to push Kiwi lower.
Bollingerband is showing sell signal for the daily chart. Hourly chart is still a downtrend. The trend is your friend.
Shorted 20,000 NZDUSD at 0.7199
Stop level at 0.7278
Target level at 0.7100
Chart:
Forex and Binary Trading: Bearish on NZDUSD