Source: PaxForex Premium Analytics Portal, Fundamental Insight
New Zealand Electronic Retail Card Spending for August rose by 0.7% monthly and 3.7% annualized. Forex traders can compare this to New Zealand Electronic Retail Card Spending for July, which was flat at 0.0% monthly and increased by 2.2% annualized.
New Zealand Permanent/Long-Term Migration for July came in at 5,786. Forex traders can compare this to Permanent/Long-Term Migration for June, reported at 8,549. External Migration & Visitors for July surged 59.3% monthly. Forex traders can compare this to External Migration & Visitors for June, which sky-rocketed 88.5% monthly. Visitor Arrivals for July increased by 19.8% monthly. Forex traders can compare this to Visitor Arrivals for June, which rose 11.3% monthly.
The latest New Zealand Economic Forecast published by the New Zealand Treasury came in at -NZ$10,034B. Economists predicted a reading of -NZ$16,697B. Forex traders can compare this to the previous New Zealand Economic Forecast, reported at -NZ$6,660B.
The UK Jobless Claims Change for August came in at 0.9K. Economists predicted a figure of 17.1K. Forex traders can compare this to the UK Jobless Claims Change for July, reported at 7.4K.
The UK Employment Change for the tri-monthly period ending in July came in at -207K, and the ILO Unemployment Rate at 4.3%. Economists predicted a reading of -185K and 4.3%. Forex traders can compare this to the UK Employment Change for June, reported at -66K, and to the ILO Unemployment Rate at 4.2%. Average Weekly Earnings for the tri-monthly period ending in July increased 8.5% annualized, and Average Weekly Earnings Excluding Bonuses rose 7.8% annualized. Economists predicted a rise of 8.2% and 7.8%. Forex traders can compare this to Average Weekly Earnings for June, which rose 8.4%, and Average Weekly Earnings Excluding Bonuses, which increased 7.8%.
The forecast for the GBP/NZD turned cautiously bullish after this currency pair corrected from its multi-year high dating back to 2019 into its horizontal support area. The Senkou Span A and Senkou Span B of the flat Ichimoku Kinko Hyo Cloud enforce the horizontal support area, offering bulls an advantage. Adding to the upside momentum is the ascending Kijun-sen, while the Tenkan-sen remains flat, suggesting more volatility ahead. Traders should also monitor the CCI in extreme oversold territory following a lower low and reversal. A breakout above -100 could push this technical indicator higher, pulling price action with it, as it has plenty of upside potential. Can bulls overpower bears and regain control over the GBP/NZD to 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 2.1100 to 2.1220 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 2.1170
- Take Profit Zone: 2.1455 – 2.1580
- Stop Loss Level: 2.1015
Should price action for the GBP/NZD breakdown below 2.1100 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 2.1015
- Take Profit Zone: 2.0780 – 2.0915
- Stop Loss Level: 2.1100
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