In the last few weeks, we have opened a few buy forex signals in NZD/USD . This pair has been bullish since early October as the sentiment improved in financial markets due to Phase One trade deal comments from the US and China, which helped risk assets such as the NZD immensely.

During this month, the bullish trend picked up pace further, especially during the first week, as the USD turned bearish after the pretty weak US ISM manufacturing report on Monday last week. The 50 SMA yellow was pushing this pair higher on the H1 chart, while on the H4 time-frame above, it was the 20 SMA (grey) which was scaring buyers last week.

But, the sentiment got dented a little this week, since we are not hearing any more comments on the Phase One deal. As a result, NZD/USD retraced lower and the 20 SMA was broken. But, the 50 SMA held as support on this time-frame and NZD/USD bounced higher off this moving average. Now, buyers seem to be in control again, which is great for US since we are long on this pair. The price has moved above the 20 SMA again, which is another positive sign.