Our free forex signals service today is a buy order on the USD/ZAR pair.
The USD/ZAR pair is traded at 15.433 at the time of writing. In the short term, it has retreated after reaching 15.530 on Friday. The price action printed a triangle pattern, so we’ll have to wait for a valid breakout from this formation before taking action.
The currency pair stays near immediate upside obstacles as the Dollar Index has managed to stay higher. Fundamentally, the USD could try to appreciate after the US NFP was reported at 467K in January above 110K expected. In addition, the Average Hourly Earnings rose by 0.7% beating the 0.5% forecasts.
3 Free Forex Every Week – Full Technical Analysis
US Inflation In Spotlights
Today, the US is to release the Consumer Credit indicator which is expected at 24.9B below 40.0B. Still, I don’t think that it will have an impact on the USD/ZAR pair. The most important event of the week is represented by the US inflation data. The CPI and the Core CPI could bring high volatility and sharp movements.
From the technical point of view, a valid breakout above the immediate downtrend line may announce an upside continuation. Only dropping and stabilizing below 15.394 static support could invalidate the upside scenario at this moment.
Free forex signals – BUY USD/ZAR at 15.584
Free forex signals entry price and takes profit
Instrument: USD/ZAR
Order Type: BUY STOP
Entry price: 15.584
Stop Loss: 15.355
TP1: 16.044
My Risk: 1%
Risk / Reward Ratio: 1:2
Looking to trade forex now? Invest at eToro!
68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
Share
