Our free forex signals service trade today is a sell order on the NZD/CAD pair.
The NZD/CAD pair drops at the time of writing as the Kiwi is strongly bearish. It’s traded at 0.8427 level far below 0.8447 today’s high.
The price dropped below strong downside obstacles, so more declines are in cards. In the short term, the currency pair could try to test and retest the immediate resistance levels before dropping deeper.
3 Free Forex Every Week – Full Technical Analysis
Yesterday, the New Zealand BusinessNZ Services Index was reported at 45.9 points below 49.8 in the previous reporting period signaling contraction. Today, the Visitor Arrivals indicator will be released, but I don’t think that it will have an impact.
Canadian Inflation Data
The NZD/USD pair is bearish ahead of the Canadian inflation data. The Consumer Price Index will be released on Wednesday and is expected to register a 0.6% growth. The Core CPI will be released as well.
These economic indicators are seen as high impact events and could bring sharp movements.
From the technical point of view, the NZD/CAD pair escaped from the ascending channel’s body and now it looks ready to extend its sell-off. In the short term, it could try to test and retest the broken levels before dropping deeper.
Free forex signals – Sell NZD/CAD at 0.8423
Free forex signals entry price and takes profit
Instrument: NZD/CAD
Order Type: SELL STOP
Entry price: 0.8423
Stop Loss: 0.8456
TP1: 0.8373
My Risk: 1%
Risk / Reward Ratio: 1:1.5
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