Source: PaxForex Premium Analytics Portal, Fundamental Insight
The New Zealand ANZ Activity Outlook for August increased 19.2%, and ANZ Business Confidence was reported at -14.2. Forex traders can compare this to the New Zealand ANZ Activity Outlook for July, which increased 26.3%, and ANZ Business Confidence reported at -3.8.
UK Mortgage Approvals for July are predicted at 78.60K. Forex traders can compare this to UK Mortgage Approvals for June, reported at 81.34K. UK Net Consumer Credit for July is predicted at £0.441B, and Net Mortgage Lending is predicted at £3.100B. Forex traders can compare this to UK Net Consumer Credit for June, reported at £0.308B, and Net Mortgage Lending reported at £17.870B.
The forecast for the GBP/NZD started to turn bullish after price action corrected into support and bounced higher. While the Tenkan-sen and the Kijun-sen point lower, suggesting more short-term selling pressure and increased volatility ahead, the Ichimoku Kinko Hyo Cloud maintains its bullish trend. The CCI reached extreme oversold territory, but traders should wait for a breakout before committing to larger buy orders. Can bulls take control of price action and force the GBP/NZD 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 GBP/NZD remain inside the or breakout above the 1.9515 to 1.9600 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.9550
- Take Profit Zone: 1.9795 – 1.9855
- Stop Loss Level: 1.9465
Should price action for the GBP/NZD breakdown below 1.9515 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.9465
- Take Profit Zone: 1.9175 – 1.9255
- Stop Loss Level: 1.9515
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