NZD/USD Missing TP Twice by One Single Pip - Forex News by FX Leaders

NZD/USD Missing TP Twice by One Single Pip

Posted Thursday, October 5, 2017 by
Skerdian Meta • 1 min read

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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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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