Source: PaxForex Premium Analytics Portal, Fundamental Insight
The New Zealand NBNZ Own Activity for September rose by 45.3% and ANZ Business Confidence came in at 60.9. Forex traders can compare this to the New Zealand NBNZ Own Activity for August, which grew by 37.1%, and to ANZ Business Confidence, reported at 50.6.
New Zealand M3 Money Supply M3 for August came in at NZ$415.0B. Forex traders can compare this to New Zealand M3 Money Supply M3 for July, reported at NZ$416.1B.
Australian Private Sector Credit for August increased by 0.5% monthly and Housing Credit by 0.4% monthly. Forex traders can compare this to Australian Private Sector Credit for July, which rose by 0.5% monthly, and Housing Credit by 0.5% monthly.
The Chinese Non-Manufacturing PMI for September came in at 50.0 and the Chinese Manufacturing PMI at 49.8. Economists predicted a figure of 50.4 and 49.4. Forex traders can compare this to the Chinese Non-Manufacturing PMI for August, reported at 50.3, and the Chinese Manufacturing PMI, at 49.1. The Chinese Composite PMI for August came in at 50.4. Forex traders can compare this to the Chinese Composite PMI for July, reported at 50.1.
The Chinese Caixin Manufacturing PMI for September came in at 49.3. Economists predicted a figure of 50.5. Forex traders can compare this to the Chinese Caixin Manufacturing PMI for August, reported at 50.4.
The Chinese Caixin Services PMI for September came in at 50.3. Economists predicted a figure of 51.6. Forex traders can compare this to the Chinese Caixin Composite PMI for August, reported at 51.6.
The forecast for the AUD/NZD turned cautiously bullish after this currency pair corrected into an intermediary support zone. Price action trades above its flat Kijun-sen but below its flat Tenkan-sen. The Senkou Span A of the Ichimoku Kinko Hyo Cloud is shifting higher and began narrowing the gap to the flat Senkou Span B. Traders should also monitor the CCI following its double breakdown from extreme overbought territoryy and below zero. This technical indicator may touch the -100 level before reversing higher. Can bulls regain control over the AUD/NZD and push price action into its 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 1.0865 to 1.0900 zone, PaxForex recommends the following trade setup:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.0885
- Take Profit Zone: 1.0990 – 1.1035
- Stop Loss Level: 1.0845
Should price action for the AUD/NZD break down below 1.0865, PaxForex recommends the following trade setup:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.0845
- Take Profit Zone: 1.0780 – 1.0805
- Stop Loss Level: 1.0865
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