Today’s free forex signals service trade is a buy order on the AUD/USD pair.
The pair has printed a potential reversal pattern after invalidating further drop. Activating the chart formation indicates that the price could develop a strong upwards movement. Still, we’ll have to wait for confirmation before taking action.
The pair has managed to grow as the Dollar Index has slipped lower. It seems surprising that the USD has depreciated after the US Unemployment Claims, ADP Non-Farm Employment Change, and the ISM Services PMI came in better than expected.
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US Non-farm Payrolls In Spotlight
As you already know, the US is to release its Non-Farm Employment Change later. The high-impact indicator is expected around 490K jobs in September versus only 235K in August. Moreover, the Unemployment Rate could drop from 5.2% to 5.1%, while the Average Hourly Earnings may register a 0.4% in September.
As you can see on the h4 chart, the AUD/USD printed a potential Inverse Head & Shoulders pattern. Now, it is located above the neckline, a new higher high could activate the reversal formation and could bring new long opportunities. After its failure to stabilize under the weekly pivot point (0.7249) and after making a new higher high. AUD/USD is somehow expected to resume its growth.
Better than expected US data reported today could invalidate the pattern and could signal a new leg down.
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Free forex signals – BUY AUD/USD at 0.7337
Free forex signals entry price and take profit
Instrument: AUD/USD
Order Type: BUY STOP
Entry price: 0.7337
Stop Loss: 0.7268
TP1: 0.7477
My Risk: 1%
Risk / Reward Ratio: 1:2
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