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02.11.202012:26 Forex Analysis & Reviews: Trading idea for the NZD/USD pair

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On the eve of the US presidential elections, demand for the dollar increased significantly, thereby decreasing the values of many currencies, including the always overbought NZD / USD pair.

In fact, an interesting pattern has appeared in the pair, when a false breakout occurred at two highs, which indicates the serious intentions of traders to sell the currency pair:

So, taking into account this bearish development, the best action is to open short positions at a pullback, targeting the price levels indicated at the charts above.

Of course, risks are needed to be monitored and controlled to avoid losing profit. As we all know, trading in this market is very precarious and uncertain, but also very profitable if we use the right techniques

"Price Action" and "Stop Hunting" were used for the strategy.

Good luck!

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