Daily HFT Trade Setup – NZDUSD Knocked Lower from HFT Sell Zone
We are analyzing the activity of HFT algorithms in the Fx market this morning and note that the NZDUSD pair is showing bearish signs near the light HFT selling pressure zone, which is standing today at 0.7279 and above.
The FxTR advanced overbought/oversold indicator is also showing that the reversal occurred at overbought levels on the hourly chart. Traders will now be looking for downside continuation. A move below the 0.7250 intraday support should open up this potential. Several recent lows have formed a short-term trendline around this level, attesting to its technical importance (see chart below).
Under the bearish scenario, Fx traders may look for NZDUSD to move toward the light HFT buying pressure zone that is located today at 0.72 and below.
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