Closing the Week the Old Fashion Way - Forex News by FX Leaders

Closing the Week the Old Fashion Way

Posted Saturday, November 19, 2016 by
Skerdian Meta • 1 min read

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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About the author

Skerdian Meta // Lead Analyst
Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
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