The NZDUSD sell signal generated earlier based on the upswing pull back and hitting hitting the simple moving average was overestimated. Currently, it is down 46 pips and a second sell order has also been put in place just below what we thought to be a resistance level. Unfortunately, it did not hold.
Based on the chartshot, our initial trade remains over. Although the U.S. Dollar took a nose dive, a recovery looks like it is in progress. Buying pressure has been building up on USDCAD and sellers have resumed selling EURUSD. However, we did sell EURUSD looking for a quick profit as it is trading above the 65 period simple moving average and the 120 period simple moving average. It is best we wait for further confirmation of that pair. In the meantime, NZDUSD is still in our sights for a long term sell. For those that have not made the aggressive sell, a higher probable sell should be placed now.
