Buying NZD/USD Again Today After the Pullback
NZD/USD is finding support at the 20 SMA again today after the retreat down
[[NZD/USD-sponsored]]
NZD/USD has been on a bullish trend since March last year, benefiting from the decline in the USD, because the Kiwi had nothing else to run on. This pair gained 20 cents in total from the bottom to the top at 0.7450s in the last week of February.
During March we saw a considerable pullback lower as the USD gained some momentum and NZD/USD retreated 500 pips lower. But, the Buck turned bearish again this month and NZD/USD has turned bullish throughout April.
Moving averages have been doing a great job in keeping this pair supported and earlier this week we opened a buy forex signal in this pair when it retraced lower to the 20 SMA (gray). That moving average held as support and the price bounce higher.
Today we are seeing another pullback down in this pair, as the USD is retreating making some gains again most currencies. But, the 20 SMA is still holding as support and the 50 SMA (yellow) is standing just below to add further resistance.
Besides that, the stochastic indicator is almost oversold now, which means that the retrace down is almost compete. So, we decided to take another trade here and we opened a buy signal, now waiting for the bounce to take place.
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