There goes the third week of October. It´s been a quite straight forward week with the US Dollar finding heavy bids every time the sellers tried to take the upper hand. Yesterday we had just one closed forex signal which hit the take profit target in the afternoon during the last wave of USD buying for the week.
We sold NZD/USD during the retrace higher to the 50 simple moving average (50 SMA) on the daily chart. When European/US forex traders returned back from their lunchtime/breakfast time, the USD bulls reactivated once more and we got our 25 pip profit.
I did say when we issued this particular signal yesterday that I felt comfortable with it due to the favourable chart setup and fundamentals. The pips from the NZD/USD signal added to our weekly profit and we closed the week with a nice 253 pip profit.
Next week there will be plenty of forex events to trade but I expect the USD strength to continue, unless the forex market decides to take a breather which would spark some sort of pullback before the next major leg up. I´m off now to wrap up the weekly review but will be back with you on Monday morning.
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