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Today’s free forex signals service trade is a buy on the USD/ZAR pair.

USD/ZAR was into a corrective phase after registering an important upwards movement. The price action signalled that the retreat could be over, so the pair could turn to the upside. The USD remains strong as the Dollar Index stays higher. The index failed to confirm its breakdown below the 94.00 psychological level, so the bias remains bullish.

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The greenback has taken a hit from the Non-Farm Employment Change on Friday. The indicator was reported at 194K far below 490K expected. The Unemployment Rate and the Average Hourly Earning came in better than expected, that’s why the USD is still bullish.

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Market awaits US inflation dat release Wednesday

The greenback is bullish ahead of the US inflation data. The CPI and Core CPI indicators will be released on Wednesday and could bring high volatility. If the Consumer Price Index is expected to grow by 0.3%, the Core CPI could register a 0.2% growth. Also, the FOMC Meeting Minutes could really shake the market.

The USD/ZAR pair escaped from the descending pitchfork’s body without reaching the median line signalling that the price could turn to the upside. Technically, it has found support around the 38.2% retracement level and now it challenges the 23.6% level. It has retested the descending pitchfork’s upper median line, so we’ll have to wait for a new higher high before taking action. The upside scenario could be invalidated by a valid breakdown below the 14.839 static support.

Free forex signals – BUY USD/ZAR at 15.044

free forex signals usd/zar

Free forex signals entry price and take profit

Instrument: USD/ZAR

Order Type: BUY STOP

Entry price: 15.044

Stop Loss: 14.761

TP1: 15.410

My Risk: 1%

Risk / Reward Ratio: 1:1.3

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