Source: PaxForex Premium Analytics Portal, Fundamental Insight
New Zealand Electronic Retail Card Spending for July increase 0.6% monthly and 4.7% annualized. Forex traders can compare this to New Zealand Electronic Retail Card Spending for June, which increased 0.8% monthly and 4.0% annualized.
Australian NAB Business Conditions for July were reported at 11 and Australian NAB Business Confidence at -8. Forex traders can compare this to NAB Business Conditions for June, reported at 24, and Australian NAB Business Confidence reported at 11.
The forecast for the AUD/NZD turned bullish after completing its massive correction over the past six weeks. Traders should expect volatility to rise after the Kijun-sen turned sideways and as the Tenkan-sen remains in the process of stabilizing. The Ichimoku Kinko Hyo Cloud continues to descend, which could limit any rally and result in more long-term selling. After the CCI escaped extreme oversold territory, it possesses more short-term upside potential. Will bulls mount a counter-trend rally and pressure the AUD/NZD into its next horizontal resistance area? Subscribe to the PaxForex Daily Fundamental Analysis and earn over 5,000 pips per month.
Should price action for the AUD/NZD remain inside the or breakout above the 1.0470 to 1.0530 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.0500
- Take Profit Zone: 1.0690 – 1.0720
- Stop Loss Level: 1.0420
Should price action for the AUD/NZD breakdown below 1.0470, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.0420
- Take Profit Zone: 1.0275– 1.0310
- Stop Loss Level: 1.0470
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