Here are the key factors to keep in mind today for British Pound trades:
- UK Halifax House Price Index: The UK Halifax House Price Index for January is predicted to decrease by 0.7% monthly and to increase by 1.5% tri-monthly annualized. Forex traders can compare this to the UK Halifax House Price Index for December which increased by 2.2% monthly and by 1.3% tri-monthly annualized.
- Bank of England Interest Rate Decision, Asset Purchase Target and Corporate Bond Target: The Bank of England is predicted to keep interest rates at 0.75%, the Asset Purchase Target £435B and the Corporate Bond Target at £10B. Forex traders can compare this to the previous Bank of England meeting where the UK central bank decided to keep interest rates at 0.75%, the Asset Purchase Target £435B and the Corporate Bond Target at £10B.
Here is the key factor to keep in mind today for New Zealand Dollar trades:
- New Zealand Employment Data: The Unemployment Rate for the fourth-quarter was reported at 4.3%. Economists predicted an Unemployment Rate of 4.1%. Forex traders can compare this to the Unemployment Rate for the third-quarter which was reported at 3.9%. The Unemployment Change for the fourth-quarter increased by 0.1% quarterly and by 2.3% annualized. Economists predicted an increase of 0.3% quarterly and of 2.6% annualized. Forex traders can compare this to the Unemployment Change for the third-quarter which increased by 1.1% quarterly and by 2.8% annualized. The Participation Rate for the fourth-quarter was reported at 70.9%. Economists predicted a Participation Rate of 71.1% quarterly. Forex traders can compare this to the Participation Rate for the third-quarter which was reported at 71.1%. Private Wages ex Overtime for the fourth-quarter increased by 0.5% quarterly. Economists predicted an increase of 0.6% quarterly. Forex traders can compare this to Private Wages ex Overtime for the third-quarter which increased by 0.5% quarterly. Labor Cost Private Sector for the fourth-quarter increased by 0.5% quarterly. Economists predicted an increase of 0.6% quarterly. Forex traders can compare this to Labor Cost Private Sector for the third-quarter which increased by 0.5% quarterly. Average Hourly Earnings for the fourth-quarter increased by 1.0% quarterly. Economists predicted an increase of 0.8% quarterly. Forex traders can compare this to Labor Cost Private Sector for the third-quarter which increased by 1.4% quarterly.
Should price action for the GBPNZD remain inside the or breakout above the 1.9100 to 1.9170 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.9125
- Take Profit Zone: 1.9325 – 1.9420
- Stop Loss Level: 1.8970
Should price action for the GBPNZD breakdown below 1.9100 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.9050
- Take Profit Zone: 1.8750 – 1.8815
- Stop Loss Level: 1.9125
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
