Home Free Forex Signals and Forecast: Buy NZD/USD – 28 Oct 2021
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Free Forex Signals and Forecast: Buy NZD/USD – 28 Oct 2021

Our free forex signals service trade today is a buy order on NZD/USD pair.

The NZD/USD pair moves somehow sideways in the short term trying to accumulate more bullish energy before resuming its upwards movement. The price action has printed a triangle pattern. Escaping from this pattern could bring new opportunities.

The USD remains weak as the Dollar Index continues to move sideways. Unfortunately, the DXY failed to make a new higher high indicating strong pressure. Yesterday, the United States economic data came in mixed.

Durable Goods Orders dropped only by 0.4% versus a 1.1% drop expected , while the Core Durable Goods Orders registered a 0.4% growth as expected. The Goods Trade Balance and the Prelim Wholesale Inventories come in worse than expected.

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US Advance GDP 2.6% Growth Forecasted

Today, the volatility could be higher after the ECB and after the US Advance GDP publication. The economic indicator is expected to register a 2.6% growth, while the Advance GDP Price Index could report a 5.3% growth.

The Unemployment Claims could remain steady at 290K, while the Pending Home Sales could rise by 0.4%. 

Technically speaking, the NZD/USD pair has found resistance at the ascending pitchfork’s upper median line (UML), now, it has decreased a little. A temporary correction was natural.

As you can see, the pair has failed to make a valid breakdown below the weekly pivot point (0.7139) signalling strong buying pressure. Making an upside breakout from the current triangle could announce more gains.

Free forex signals – BUY NZD/USD at 0.7203

free forex signals - nzdusd

Free forex signals entry price and take profit

Instrument: NZD/USD

Order Type: BUY STOP

Entry price: 0.7203

Stop Loss: 0.7125

TP1: 0.7307

My Risk: 1%

Risk / Reward Ratio: 1:1.35

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Olimpiu Tuns

Olimpiu Tuns

Olimpiu Tuns graduated with a Master in Business Administration and is a seasoned Market Analyst / Trader / Trainer with 10 years of experience in the financial markets having expertise in Forex, Commodities, Index, Cryptocurrencies, and Stocks. He worked as a Market Analyst for three major brokerage companies, as a prop trader, and as a contributor/content creator for news portals and educational platforms.