Our free forex signals service today is a sell order on the NZD/USD pair.
The NZD/USD pair plunged after reaching 0.6732 level. The price action invalidated a potential upwards movement, so a deeper drop is in cards. Still, we’ll have to wait for strong confirmation before taking action on this market.
The currency pair rallied right after the US released its inflation data yesterday. This was only a temporary rebound as the DXY erased its losses. The greenback is strongly bullish in the short term the Federal Reserve is expected to take action soon, to hike rates.
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The traders are expecting a 50 bps hike in March after higher than expected inflation. As you already know, the CPI MoM and Core CPI MoM rose by 0.6% versus 0.4% and 0.5% expected.
US Prelim UoM Consumer Sentiment
Today, the New Zealand Inflation Expectations was reported at 3.27% versus 2.96%. Later, the US Prelim UoM Inflation Expectations could have an impact. The indicator is expected to remain steady at 67.2 points.
Technically, the NZD/USD pair dropped below the uptrend line signaling a potential downside movement. The rate found support and now it tries to test and retest the broken level. Staying below this line and making a new lower low could activate potential further drop.
Free forex signals – Sell NZD/USD at 0.6623
Free forex signals entry price and takes profit
Order Type: SELL STOP
Entry price: 0.6623
Stop Loss: 0.6737
My Risk: 1%
Risk / Reward Ratio: 1:2
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