Our free forex signals service trade today is a buy order on NZD/USD pair.
The NZD/USD pair moves somehow sideways in the short term trying to accumulate more bullish energy before resuming its upwards movement. The price action has printed a triangle pattern. Escaping from this pattern could bring new opportunities.
The USD remains weak as the Dollar Index continues to move sideways. Unfortunately, the DXY failed to make a new higher high indicating strong pressure. Yesterday, the United States economic data came in mixed.
Durable Goods Orders dropped only by 0.4% versus a 1.1% drop expected , while the Core Durable Goods Orders registered a 0.4% growth as expected. The Goods Trade Balance and the Prelim Wholesale Inventories come in worse than expected.
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US Advance GDP 2.6% Growth Forecasted
Today, the volatility could be higher after the ECB and after the US Advance GDP publication. The economic indicator is expected to register a 2.6% growth, while the Advance GDP Price Index could report a 5.3% growth.
The Unemployment Claims could remain steady at 290K, while the Pending Home Sales could rise by 0.4%.
Technically speaking, the NZD/USD pair has found resistance at the ascending pitchfork’s upper median line (UML), now, it has decreased a little. A temporary correction was natural.
As you can see, the pair has failed to make a valid breakdown below the weekly pivot point (0.7139) signalling strong buying pressure. Making an upside breakout from the current triangle could announce more gains.
Free forex signals – BUY NZD/USD at 0.7203
Free forex signals entry price and take profit
Instrument: NZD/USD
Order Type: BUY STOP
Entry price: 0.7203
Stop Loss: 0.7125
TP1: 0.7307
My Risk: 1%
Risk / Reward Ratio: 1:1.35
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