Source: PaxForex Premium Analytics Portal, Fundamental Insight
News Zealand RBNZ Offshore Holdings for September came in at 58.3%. Forex traders can compare this to New Zealand RBNZ Offshore Holdings for August, reported at 56.9%.
The UK CPI for September is predicted to increase 0.1% monthly and 1.9% annualized. Forex traders can compare this to the UK CPI for August, which rose 0.3% monthly and 2.2% annualized. The Core CPI for September is predicted to expand 0.3% monthly and 3.4% annualized. Forex traders can compare this to Core CPI for August, which increased 0.4% monthly and 3.6% annualized.
The UK PPI Input for September is predicted to decrease by 0.5% monthly and 2.2% annualized. Forex traders can compare this to the UK PPI Input for August, which contracted by 0.5% monthly and 1.2% annualized. The UK PPI Output for September is predicted to decrease by 0.3% monthly and by 0.6% annualized. Forex traders can compare this to the UK PPI Output for August, which contracted by 0.3% monthly and rose by 0.2% annualized.
The UK RPI for September is predicted to rise by 0.1% monthly and 3.5% annualized. Forex traders can compare this to the UK RPI for August, which increased by 0.6% monthly and 3.5% annualized.
The UK House Price Index for September is predicted to rise 2.5% annualized. Forex traders can compare this to the UK House Price Index for August, which accelerated by 2.2% annualized.
The forecast for the GBP/NZD turned cautiously bearish after this currency pair advanced into its horizontal resistance area. The Tenkan-sen and the Kijun-sen point higher following a bullish crossover, suggesting more short-term bullishness. The Senkou Span A of the Ichimoku Kinko Hyo Cloud is descending, increasing the gap to the flat Senkou Span B, which could join the move lower, confirming medium-term bearish pressures. Traders should also monitor the CCI in extreme overbought territory, where a negative divergence has formed. A breakdown below 100 could trigger the next sell-off, and this technical indicator has plenty of downside potential. Can bears regain control over the GBP/NZD and force price action into 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 breakdown below the 2.1535 to 2.1620 zone the following trade setup is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 2.1560
- Take Profit Zone: 2.1070 – 2.1170
- Stop Loss Level: 2.1690
Should price action for the GBP/NZD break out above 2.1620 the following trade set up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 2.1690
- Take Profit Zone: 2.1745 – 2.1795
- Stop Loss Level: 2.1620
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