Our free forex signals service trade today is a sell order on the NZD/USD pair.
In the last hour, the NZD/USD pair rose to a weekly high of 0.6825.
On the third day in a row, the pair gained momentum from 0.600, or the year-to-date lowest level reached earlier in the week. However, fears of a new, rapidly spreading COVID-19 variant weighed on the economy despite investors’ optimism. There is evidence of this in the generally positive tone of the stock markets, which is beneficial for the riskier Kiwi.
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Recent reports suggest that current vaccines may be more effective than expected against the Omicron variant. Additionally, findings from the South African study suggest that people infected with the Omicron strain are at a lower risk of hospitalization and serious illness than the Delta strain, further increasing the feeling of risk. The positive market sentiment undermined the safe haven of the US dollar and contributed to the growth of the NZD/USD pair.
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In addition, the gain may also be attributed to some technical purchases, with sustained gains above 0.600. Therefore, it is very likely that we will return to test the maximum of monthly fluctuations in the 0.6865-70 region shortly. Following some subsequent purchases, the NZD/USD pair will continue to recover and may provide a fresh trigger for bullish traders.
US Core PCE and Durable goods
Participants are now eagerly anticipating the release of US economic reports, including the Core PCE price index and durable goods orders later in the North American session. In addition to the Coronavirus saga, this will affect the dollar dynamics and give NZD/USD some momentum. Going forward, traders will be guided by a broader market risk sentiment to take advantage of some opportunities in the short term.
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Free forex signals – Sell NZD/USD at 0.6855
Free forex signals entry price and takes profit
Instrument: NZD/USD
Order Type: SELL LIMIT
Entry price: 0.6855
Stop Loss: 0.6900
TP1: 0.6835
My Risk: 1%
Risk / Reward Ratio: 1:1.95
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Saqib Iqbal
