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Investors Enjoying Trading NZDUSD

NZDUSD : Daily Chart

NZDUSD currently seems like the favorite pair to investors across the Forex Market. The pair started declining after the RBNZ increased the official cash rate for the fourth time by 25 basis points in line with the expectations. However the investors are locking gains by shorting this pair after the central bank stated that there might be a significant decline in the currency as the current level is unjustified and unsustainable. The 50 day has also now turned its direction towards downward signaling a confirmation of downtrend. Breaking below the 200 day SMA might confirm the bearish trend. If the pair is able to hold above the 200 day SMA, it might again surge trimming all its losses.

NZDUSD : Daily Chart

The pair started falling down from the resistance at .8833 towards the 23.6 fib level. But the pair was not able to hold the support and again declined to 38.2 fib level. If the pair is able to hold up from this fib level we might again see some the pair rise towards the 23.6 level. However if it continues to decline the next support level would be at 50 fib level.