Our free forex signals service trade today is a buy order on the NZD/JPY pair.
The NZD/JPY pair seems undecided in the short term. It’s traded at 76.693 at the time of writing. The pair moves sideways, that’s why we need strong confirmation before taking action, before going long or short. Technically, the price reached a strong support zone, the price action signaled that the downwards movement is over.
Yesterday, the Japanese Revised Industrial Production reported a 1.8% growth in October versus 1.1% expected, while the New Zealand Current Account dropped unexpectedly lower from -1.54B to -8.30B below -7.75B. Today, the Japanese Tertiary Industry Activity reported a 1.5% growth exceeding the 1.2% estimates.
3 Free Forex Every Week – Full Technical Analysis
New Zealand Gross Domestic Product -4.1% Expected
Fundamentally, the Kiwi needs strong support to be able to take the lead again. New Zealand is to release its GDP tonight. The indicator is expected to report a 4.1% drop in Q3. Only better than expected data could boost the NZD.
From the technical point of view, the NZD/USD pair is trapped within a triangle pattern. It has retested the uptrend line, the triangle’s support and now it could develop a new leg higher. A valid breakout above the channel’s resistance and above the weekly pivot point of 76.911 could activate a potential larger swing higher.
Free forex signals – BUY NZD/JPY at 77.077
Free forex signals entry price and takes profit
Instrument: NZD/JPY
Order Type: BUY STOP
Entry price: 77.077
Stop Loss: 76.340
TP1: 78.331
My Risk: 1%
Risk / Reward Ratio: 1:1.7
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