Getting Ready to Buy NZD/USD, as the Main Trend Remains Bullish - Forex News by FX Leaders
The trend remains pretty bullish for this pair

Getting Ready to Buy NZD/USD, as the Main Trend Remains Bullish

Posted Tuesday, November 24, 2020 by
Skerdian Meta • 1 min read

NZD/USD has been on a bullish trend since the coronavirus crash ended in the middle of March. In total this pair has climbed more than 15 cents and today the price moved above the big round level at 0.70, for the first time since June 2018.

The trend slowed don in summer, while in September and October we saw a slight pullback and sideways trading for this pair. But, the USD turned bearish again in November and the bullish trend resumed for NZD/USD. The RBNZ also sounded less dovish in the last meeting, which gave the NZD a bullish bias since then.

During this time, moving averages have been doing a good job in providing support for this pair. On the H1 chart, all MAs have taken their turn and yesterday we bought NZD/USD at the 100 SMA (green), booking profit this morning as the price bounced off that moving average and the bullish trend resumed again.

In the last several hours we have been seeing a pullback lower, but moving averages stand ready to provide support again. We are getting ready to open another buy forex signal in this pair, but will wait to get a bullish reversing signal, such as a pin/doji/hammer candlestick, before opening a forex signal.

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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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