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NZD/USD Sell Coming Into View
Welcome to end-of-week trade! It’s been an interesting No Donation Friday, highlighted by a dreadful US Retail Sales release. The numbers missed expectations badly. US Retail Sales for January plummeted by 0.9%, well below Wall Street estimates. Without question, these figures have traders wondering what’s next as they prepare for the weekend break.
The big story today has been the sudden retracement in the gold market. At press time, gold is off more than 1.5% in a steep US session downtrend. Will gold stay down for long? We’ll find out the answer to that question next week. Be sure to check out a live stream or two for all the action in bullion.
As we roll into late-February, the forex majors have sprung to life. The action has brought a key resistance zone into play for the NZD/USD:
Monthly 38% Fibonacci Retracement, 0.5845
Reference our Key Levels for more information on this Trade Idea.
February has been a wild month on the markets. Trump's executive orders, murky Fed policy, and rising inflation have been the keynote events. Are you ready for more? We hope so — see you at Howtotrade next Monday!
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