Cashing in on Our Sell NZD/USD Signal
Skerdian Meta • 1 min read
A while ago we opened a sell forex signal in NZD/USD. If you are a member with us, then you should have received an alert on your phone when we opened it and when the signal closed. If not, then you can follow our trade suggestions in our forex signals page.
This pair turned bullish last week, climbing around 600 pips, after a 10 cents decline in the previous two weeks. So, the main trend, which has been down since spring 2018, is still bearish. The pullback last week was quite strong too, after Donald Trump presented the $2 trillion bill, but it ended at 0.6070s.
This week we saw NZD/USD pullback lower as the USD buyers came back, although this doesn’t seem like a decisive move. But, no one is sure how the global situation with coronavirus will go, so uncertainty is pretty high in forex. Today we saw a retrace higher.
But we decided to go short below the 100 SMA (green) which was providing resistance on the H1 chart. The price was overbought on the H1 chart, so short we went and the reversal came soon after that. Now, NZD/USD has declined and we have cashed in on our forex trade in this pair.