Source: PaxForex Premium Analytics Portal, Fundamental Insight
New Zealand Retail Sales for the fourth quarter decreased by 2.7% quarterly and increased by 4.8% annualized. Forex traders can compare this to New Zealand Retail Sales for the third quarter, which increased by 28.0% quarterly and by 8.3% annualized.
The UK Jobless Claims Change for January is predicted at 35.0K. Forex traders can compare this to the UK Jobless Claims Change for December, reported at 7.0K. The UK Employment Change for the tri-monthly period ending in December is predicted at -30K, and the ILO Unemployment Rate is predicted at 5.1%. Forex traders can compare this to the UK Employment Change for November, reported at -88K, and to the ILO Unemployment Rate, reported at 5.0%. Average Weekly Earnings for the tri-monthly period ending in December are predicted to increase by 4.0% annualized, and Average Weekly Earnings Excluding Bonuses are predicted to increase by 4.1% annualized. Forex traders can compare this to Average Weekly Earnings for November, which increased by 3.6%, and Average Weekly Earnings Excluding Bonuses, which increased by 3.6%.
The forecast for the GBP/NZD remains bullish after this currency pair moved above its Ichimoku Kinko Hyo Cloud with enough momentum to extend its gains. While price action may retest its Senkou Span A after the Kijun-sen and Tenkan-sen entered a sideways trend, the outlook remains bullish. He CCI moved out of extreme overbought territory but stopped its descend with more upside potential. Will bulls capitalize on favorable developments and force the GBP/NZD into its next 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 1.9160 to 1.9280 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.9240
- Take Profit Zone: 1.9720 – 1.9795
- Stop Loss Level: 1.9135
Should price action for the GBP/NZD breakdown below 1.9160 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.9135
- Take Profit Zone: 1.8985 – 1.9085
- Stop Loss Level: 1.9160
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