Oversold? But I’m Still Shorting 

Last Updated: July 25, 2019

By Rayner

w1

On Weekly we can see that Nzdusd has dropped more than 1000 pips over the last 3 months. It has broken 2 key support levels and is currently testing 0.7700.

d2

On Daily we can see price forming lower highs and lower lows which is a clear indication of a downtrend.

41

On 4 hour the 0.7925 is a key area to watch. For the bulls to regain control, price needs to break and close above it.

Since price has not break and close above 0.7925, I’m still looking to short this pair.

You can look to establish shorts if price does get back towards the green zone.

Trade Safe!

 

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