Our free forex signals service today is trade to buy the NZD/USD pair.
The NZD/USD rallied in yesterday’s trading session as the Dollar Index registered a massive drop after the US inflation data publication.
As you already know, the United States reported higher than expected inflation which was bad for the USD. The CPI rose by 0.5% exceeding 0.4% growth, while the Core CPI registered a 0.6% growth compared to 0.5% expected.
Technically, the currency pair jumped above major resistance levels, so the sentiment changed, an upside continuation is favored.
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US PPI 0.4% Growth Estimated
In the short term, the USD could try to rebound if the US data comes in better than expected. The PPI is expected to report a 0.4% growth in December versus 0.8% growth in November, while Core PPI could rise by 0.5%, less compared to 0.7% in the previous reporting period.
In addition, the Unemployment Claims indicator could drop from 207K to 199K in the last week.
From the technical point of view, stabilizing above the 0.6863 broken resistance, the NZD/USD pair could extend its growth. In the short term, it could come back to test and retest the broken levels before resuming its leg higher.
Free forex signals – BUY NZD/USD at 0.6890
Free forex signals entry price and takes profit
Order Type: BUY STOP
Entry price: 0.6890
Stop Loss: 0.6833
My Risk: 1%
Risk / Reward Ratio: 1:1.5
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