The 50 SMA Holds for NZD/USD - Forex News by FX Leaders
The pullback should be over now

The 50 SMA Holds for NZD/USD

Posted Wednesday, May 29, 2019 by
Skerdian Meta • 1 min read

Earlier today we bought EUR/GBP as this pair was retracing down. The pullback seemed complete on the H1 time-frame chart and the bullish reversal started taking place this morning. But the comments from the Irish PM Vardakar that he is OK with another extension of Brexit until winter reversed the price again.

But as you can see from the H4 chart above, the 50 SMA (yellow) provided support and the price has bounced 20 pips higher from it. It was pierced for a minute, but the  price reversed and it is now above the opening level of our signal here. So, we’re holding on to this trade, hoping that the bullish trend which has lasted for nearly a month will resume soon.

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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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