NZD/USD Missing TP Twice by One Single Pip
You remember our second sell signal in NZD/USD yesterday. We gave this pair another go in the evening, as it was forming a retrace on the hourly chart, as you can see below.
The bearish setup was the usual one for us, the trend was down and the buyers were pushing higher but the 50 SMA (yellow) was just standing above, policing the top side.
The 50 SMA has been the defining line for sellers
It didn’t take long before the price reversed back down. The Australian retail sales came out negative overnight which sank the Aussie and it pulled NZD/USD down as well. But the price reversed just 1 pip shy of our take profit.
Exactly the same thing happened this morning. The sellers had another go at the bottom but again, just one damn pip. Well, we’re still in a downtrend and the buyers don’t seem to have enough fuel to take the price above the 50 SMA, so let’s just hang on a bit longer to this forex trade.
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