Source: PaxForex Premium Analytics Portal, Fundamental Insight
New Zealand NZIER Business Confidence for the second quarter was reported at -63%. Forex traders can compare this to New Zealand NZIER Business Confidence for the first quarter, reported at -70%. New Zealand NZIER QSBO Capacity Utilization for the second quarter was reported at 92.8%. Forex traders can compare this to New Zealand NZIER QSBO Capacity Utilization for the first quarter, reported at 92.1%.
Australian AiG Performance of Services Index: The Australian AiG Performance of Services Index for June was reported at 31.5. Forex traders can compare this to the Australian AiG Performance of Services Index for May, reported at 31.6. The Australian RBA left interest rates unchanged at 0.25%. Economists predicted no change in interest rates. Forex traders can compare this to the previous Australian RBA Interest Rate Decision, where interest rates were left unchanged at 0.25%.
The AUD/NZD forecast is turning bullish after this currency pair moved into its Ichimoku Kinko Hyo Cloud. The RBA kept interest rates unchanged, as was widely expected by economists, but the service sector disappointed in June. New Zealand business confidence remained depressed in the second quarter, and while price action may move into the Span B of the Ichimoku Kinko Hyo Cloud, the outlook calls for a gradual increase until the next horizontal resistance area is reached. Will bulls rally this week as the Covid-19 pandemic continues to pose extreme challenges to the global economy? 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 1.0580 to 1.0660 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.0620
- Take Profit Zone: 1.0820 – 1.0880
- Stop Loss Level: 1.0520
Should price action for the AUD/NZD breakdown below 1.0580 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.0520
- Take Profit Zone: 1.0420 – 1.0460
- Stop Loss Level: 1.0580
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