Source: PaxForex Premium Analytics Portal, Fundamental Insight
UK Rightmove House Prices for October decreased by 2.1% monthly. Forex traders can compare this to UK Rightmove House Prices for September, which contracted by 1.1% monthly.
UK Construction Output Seasonally Adjusted for October is predicted to increase by 0.1% monthly and 6.5% annualized. Forex traders can compare this to UK Construction Output Seasonally Adjusted for September, which rose 0.4% monthly and 5.6% annualized.
The UK GDP for October is predicted to increase by 0.4% monthly, decrease by 0.4% for the three-month-over-three-month period ending in October, contract by 0.2% quarterly, and rise by 9.5% annualized. Forex traders can compare this to the UK GDP for September, which dropped 0.6%, contracted by 0.2% for the three-month-over-three-month period ending in September, rose 0.2% quarterly, and expanded 1.3% annualized.
The UK Index of Services for October is predicted to decrease by 0.1% monthly. Forex traders can compare this to the UK Index of Services for September, which came in at 0.0% monthly.
The UK Visible Trade Balance for October is predicted at -£15.650B. Forex traders can compare this to the UK Visible Trade Balance for September, reported at -£15.660B.
UK Industrial Production for October is predicted to rise 0.1% monthly and contract by 2.8% annualized. Forex traders can compare this to UK Industrial Production for September, which came in at 0.0% monthly and decreased by 3.1% annualized. UK Manufacturing Production for October is predicted to increase by 0.1% monthly and drop by 5.4% annualized. Forex traders can compare this to UK Manufacturing Production for September, which came in at 0.0% monthly and decreased by 5.8% annualized.
New Zealand Permanent/Long-Term Migration for October came in at 3,343. Forex traders can compare this to Permanent/Long-Term Migration for September, reported at 3,430. External Migration & Visitors for October increased by 4,283.8% monthly. Forex traders can compare this to External Migration & Visitors for September, which rose 6,448.5% monthly. Visitor Arrivals for October rose 6.8% monthly. Forex traders can compare this to Visitor Arrivals for September, which surged 16.6% monthly.
The forecast for the GBP/NZD turned cautiously bullish in the short term after this currency pair reached its horizontal support area. Volatility may rise as the Kijun-sen has turned sideways and the Tenkan-sen moves lower. The Ichimoku Kinko Hyo Cloud contracts with the Senkou Span B flat for an extended period while the Senkou Span A decreases, suggesting a longer-term bearish build-up. Traders should monitor the CCI after it spiked from deep inside extreme oversold territory to a breakout before reversing below -100. This technical indicator may attempt a second breakout, which could take price action higher. Can bulls fight off bears in the short term and push the GBP/NZD toward its horizontal support 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 1.9070 to 1.9230 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.9130
- Take Profit Zone: 1.9585– 1.9720
- Stop Loss Level: 1.9000
Should price action for the GBP/NZD breakdown below 1.9070 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.9000
- Take Profit Zone: 1.8780 – 1.8840
- Stop Loss Level: 1.9070
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