NZDUSD: Sell stop position in play!
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.
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.