Source: PaxForex Premium Analytics Portal, Fundamental Insight
The New Zealand Business PMI for April came in at 49.1. Economists predicted a reading of 50.7. Forex traders can compare this to the New Zealand Business PMI for March, reported at 48.1.
New Zealand Permanent/Long-Term Migration for March came in at 12,108. Forex traders can compare this to Permanent/Long-Term Migration for February, reported at 12,609. External Migration & Visitors for March surged 805.0% monthly. Forex traders can compare this to External Migration & Visitors for February, which sky-rocketed 4,998.0% monthly. Visitor Arrivals for March declined 2.9% monthly. Economists predicted a surge of 106.2%. Forex traders can compare this to Visitor Arrivals for February, which rose 0.6% monthly.
New Zealand Inflation Expectations for the second quarter increased by 2.79% quarterly. Forex traders can compare this to New Zealand Inflation Expectations for the first quarter, which rose 3.80% quarterly.
The UK GDP for March decreased by 0.3% monthly, rose 0.1% for the three-month-over-three-month period ending in March, and 0.2% annualized. Economists predicted an increase of 0.1%, 0.1%, and 0.2%. Forex traders can compare this to the UK GDP for February, which was flat at 0.0%, rose 0.1% for the three-month-over-three-month period ending in February, and increased by 0.6% annualized.
UK Business Investment for the first quarter increased 0.7% quarterly and 3.2% annualized. Economists predicted a decrease of 0.4% and a rise of 11.9%. Forex traders can compare this to UK Business Investment for the fourth quarter, which dropped 0.2% quarterly and surged 10.8% annualized.
UK Construction Output Seasonally Adjusted for March rose by 0.2% monthly and 4.1% annualized. Economists predicted a contraction of 0.2% and an expansion of 3.6%. Forex traders can compare this to UK Construction Output Seasonally Adjusted for February, which increased by 2.6% monthly and 6.0% annualized.
UK Industrial Production for March rose by 0.7% monthly and dropped by 2.0% annualized. Economists predicted a rise of 0.1% and a contraction of 2.9%. Forex traders can compare this to UK Industrial Production for February, which decreased by 0.1% monthly and 2.7% annualized. UK Manufacturing Production for March increased by 0.7% monthly and contracted by 1.3% annualized. Economists predicted a drop of 0.1% and 2.5%. Forex traders can compare this to UK Manufacturing Production for February, which rose by 0.1% monthly and contracted by 1.9% annualized.
The UK Visible Trade Balance for March came in at -£16.356B, and the UK Trade Balance Non-EU at -£5.458B. Forex traders can compare this to the UK Visible Trade Balance for February, reported at -£16.635B, and the UK Trade Balance Non-EU at -£5.794B.
The forecast for the GBP/NZD remains bullish after this currency pair halted its correction, as the Ichimoku Kinko Hyo Cloud provides upside momentum. Short-term volatility could rise after the descending Tenkan-sen crossed below the ascending Kijun-sen. Traders should also monitor the CCI following its breakout from extreme oversold territory. A push above zero could tip power in favor of bulls, as this technical indicator has plenty of upside potential. Can bulls regain control over the GBP/NZD and push price action into its horizontal resistance area and a fresh 2023 high? 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 1.9960 to 2.0020 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Short Position @ 2.0000
- Take Profit Zone: 2.0285– 2.0385
- Stop Loss Level: 1.9880
Should price action for the GBP/NZD breakdown below 1.9960 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Long Position @ 1.9880
- Take Profit Zone: 1.9715 – 1.9785
- Stop Loss Level: 1.9960
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