Our free forex signals service today looks at the AUD/NZD and we have the entry, stop and take profits levels for you.
The Australian Dollar remains positive on the day despite retail sales figures that came worse than expected. The data showed that the retail sales for Australia came at -2.8% for the month while the figures for last month were at -2.3%. The analysts were expecting it to come at -1.8%.
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The Aussie remains supported as the Delta variant cases in the country have started declining. However, the risk sentiment remains little deteriorated as China’s economic slowdown and blast at Kabul airport are the key events pushing the investors away from the riskier assets.
As we are heading towards some key events, the markets are consolidating before finding any clues about the Fed tapering and interest rates. Fed Chair Powell will deliver a speech at Jackson Hole Symposium and investors are eying at the event. Moreover, the US Core PCE figures will be released that may impact the market bias.
On the other hand, the New Zealand Dollar attempted to rise yesterday but fell back as the risk sentiment isn’t in favor of riskier assets. Coronavirus cases have been on a rise in the country. The lockdown has been extended in the country, lending no room to the NZ bulls. However, the fundamental indicators show decent progress in the economy.
It is obvious that the Australian Dollar looks stronger than the NZ Dollar at the moment which may bring some buying opportunities in the AUD/NZD pair.
AUD/NZD free forex signals
Instrument: AUD/NZD
Order Type: BUY STOP
Entry price: 1.0487
Stop Loss: 1.0406
TP1: 1.0608
Our Risk Setting: 1%
Risk / Reward Ratio: 1:1.5
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Saqib Iqbal
