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Our free forex signals service trade today is a buy order on the NZD/USD pair. We will analyze the NZD/USD pair and key reasons to buy it.

The NZD/USD pair retreated in the short term after registering an amazing rally. Still, the downside could be limited. The price action developed a potential upside continuation pattern. The pressure is still high in the short term as the US reported positive economic figures in yesterday’s session.

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The US HPI rose by 1.1% versus 0.9% expected, while the Richmond Manufacturing Index jumped from 11 points to 16 points. The Dollar Index edged higher and became strongly bullish again. Despite DXY’s rally, the NZD/USD pair can still try to come back higher as long as it stays in the buyer’s territory.

US Goods Trade Balance -89.0B expected

The USD is bullish at the time of writing, but it remains to see how it will react after the US data is released later today. The economic figures could be decisive. Better than expected data may help the greenback to resume its appreciation.

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The Goods Trade Balance indicator could drop from -82.9B to -89.0B. On the other hand, the Prelim Wholesale Inventories is expected to report a 1.5% growth, while the Pending Home Sales may register a 0.6% growth in November.

From the technical point of view, the currency pair developed a down channel. However, staying above the median line (ML) and above the weekly pivot point (0.6787) and making an upside breakout from the current formation could announce potential leg higher.

Free forex signals – BUY NZD/USD at 0.6845

nzd/usd free forex signals

Free forex signals entry price and takes profit

Instrument: NZD/USD

Order Type: BUY STOP

Entry price: 0.6845

Stop Loss: 0.6781

TP1: 0.6933

My Risk: 1%

Risk / Reward Ratio: 1:1.4

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