Today, our free forex signals service trade is a sell order in AUD/USD. If the USD resumes its rally after a minor correction, the price will decrease.
The AUD/USD pair moves sideways in the short term. The pair was trading near 0.7022 at the time of writing. Technically, the price rebounded as the Dollar Index was in a corrective phase. Still, the leg higher could be temporary.
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The pair may test the immediate resistance levels before coming back down. The DXY found support, so a new bullish momentum could force the greenback to appreciate versus its rivals.
Yesterday, the US economic data came in mixed. The Core Retail Sales, Industrial Production, and the Capacity Utilization Rate reported better than expected data, while the Retail Sales indicator and the Business Inventories came in worse than expected.
Today, the Australian Wage Price Index rose by 0.7%, less than the 0.8% growth expected, while the MI Leading Index reported a 0.2% drop.
US Housing Starts 1.75M expected
Later, the US data could bring more action. For example, housing Starts could drop from 1.79M to 1.75M, while the Building Permits could be reported at 1.81M below 1.87M in the previous reporting period.
From the technical point of view, a new lower low, a valid breakdown below 0.6996, could activate more declines.
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Free forex signals – Sell AUD/USD at 0.6985
Free forex signals entry price and take-profit
Instrument: AUD/USD
Order Type: SELL STOP
Entry price: 0.6985
Stop Loss: 0.7058
TP1: 0.6839
My Risk: 1%
Risk / Reward Ratio: 1:2
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