Source: PaxForex Premium Analytics Portal, Fundamental Insight
The New Zealand Unemployment Rate for the third quarter came in at 3.9%. Economists predicted an Unemployment Rate of 3.9%. Forex traders can compare this to the Unemployment Rate for the second quarter, reported at 3.6%. The Employment Change for the third quarter decreased by 0.2%. Economists predicted an increase of 0.4%. Forex traders can compare this to the Employment Change for the second quarter, which expanded by 1.0% quarterly. The Participation Rate for the third quarter was 72.0%. Economists predicted a Participation Rate of 72.5%. Forex traders can compare this to the Participation Rate for the second quarter, reported at 72.5%. The Labor Cost Index for the third quarter increased 0.8% quarterly and 4.1% annualized. Economists predicted a rise of 1.0% and 4.2%. Forex traders can compare this to the Labor Cost Index for the second quarter, which expanded 1.1% quarterly and 4.3% annualized.
The Australian AiG Construction Index for October came in at 18.5. Forex traders can compare this to the Australian AiG Construction Index for September, reported at 7.1. The AiG Manufacturing Index for October came in at -20.9, and the AiG Industry Index at -9.9. Forex traders can compare this to the AiG Manufacturing Index for September, reported at -12.8, and the AiG Industry Index at -3.5.
The Final Australian Judo Bank Manufacturing PMI for October came in at 48.2. Economists predicted a figure of 48.0. Forex traders can compare this to the Australian Judo Bank Manufacturing PMI for September, reported at 48.7.
Australian CoreLogic House Prices for October increased by 0.9% monthly. Forex traders can compare this to Australian CoreLogic House Prices for September, which rose 0.7% monthly.
Australian Building Approvals for September dropped by 4.6% monthly and 7.1% annualized. Forex traders can compare this to Australian Building Approvals for August, which rose by 8.1% monthly and contracted by 5.9% annualized. Australian Private House Approvals for September decreased by 4.6% monthly. Forex traders can compare this to Australian Private House Approvals for August, which rose by 5.8% monthly.
The Chinese Caixin Manufacturing PMI for October came in at 49.5. Economists predicted a figure of 50.8. Forex traders can compare this to the Chinese Caixin Manufacturing PMI for September, reported at 50.6.
Australian Commodity Prices for October plunged 16.8% annualized. Forex traders can compare this to Australian Commodity Prices for September, which dropped 22.0%.
The forecast for the AUD/NZD turned cautiously bearish after this currency pair failed to push through its horizontal resistance area. Volatility could rise with the Tenkan-sen rising, the Kijun-sen flat, and the Ichimoku Kinko Hyo Cloud narrowing. Traders should also monitor the CCI following its breakdown from extreme overbought territory. A move below zero may trigger more sell orders. Can bears maintain control over the AUD/NZD and force price action into its horizontal support 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 breakdown below the 1.0875 to 1.0930 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.0900
- Take Profit Zone: 1.0735 – 1.0770
- Stop Loss Level: 1.0980
Should price action for the AUD/NZD breakout above 1.0930, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.0980
- Take Profit Zone: 1.1050 – 1.1085
- Stop Loss Level: 1.0930
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