Home Technical Analysis NZDUSD: Sell stop position in play!
NZDUSD: Sell stop position in play!

NZDUSD: Sell stop position in play!

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In our previous technical comment on the NZDUSD pair, which was published under the title” NZDUSD preparing for further backwardation”, we suggested breakout below the support line of the rising wedge pattern.

NZDUSD-03-05-2015

The NZDUSD pair has adopted favorable reaction to our scenario, achieving convenient daily closing below the support line set from 0.7190 low.

SMA50 is presently under attack and a new closing below it will actuate traders to add more quantities to the sell position activated below 0.7550 territories.

With RSI14 and ADX are turning bearish, the technical outlook for the pair becomes negative with soft technical objective at 0.7420-0.7405.

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Amir El-Araby Co-Founder & Chief Global Strategist at FxComment.com, with 17 years’ experience in the technical analysis studies for FOREX, Commodities and Indices. Amir El-Araby worked as a mentor for many companies and institutes, where he presented new methods for trading in the financial market. Amir is a member of ESTA (Egyptian Society of Technical Analysts). Amir is also the official partner of Harmonic Trader (Mr Scott Carney) and the official instructor of harmonic trader association for Arab countries.

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