Our free forex signals service trade today is a sell order on the AUD/USD pair.
The AUD/USD dropped in the short term after retesting a near-term resistance area. It’s traded in the red at 0.7414 level and it’s located right above a support zone. The pair plunged as the Dollar Index has rallied today. DXY’s further growth could force the pair to extend its sell-off.
Today, the Australian Retail Sales registered a 1.3% growth matching expectations, while the Trade Balance dropped more than expected, from 14.74B to 12.24B, below 12.25B estimates.
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US Unemployment Claims Reported At 269K
In the short term, the USD is still strong as the United States economic data continues to come in better than expected. The Unemployment Claims dropped from 283K to 269K in the previous week, below 273K expected.
Moreover, the PrelimUnit Labor Costs registered a 8.3% growth versus 7.1% forecasts, while the Prelim Nonfarm productivity dropped by 5.0% versus only a 3.2% drop estimated.
Technically, the pair has jumped higher after reaching the descending pitchfork’s median line and the weekly S1. It has come back to retest the 23.6% retracement level and 0.7453 former low. The pair was somehow expected to drop after escaping from the previous range.
Free forex signals – SELL AUD/USD at 132.48
Free forex signals entry price and take profit
Instrument: AUD/USD
Order Type: SELL STOP
Entry price: 0.7396
Stop Loss: 0.7477
TP1: 0.7291
My Risk: 1%
Risk / Reward Ratio: 1 / 1:3
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