Source: PaxForex Premium Analytics Portal, Fundamental Insight
The New Zealand Performance of Services Index for June came in at 40.2, and the New Zealand Performance of Composite Index was at 40.9. Forex traders can compare this to the New Zealand Performance of Services Index for May, reported at 43.0, and the New Zealand Performance of Composite Index at 44.7.
The Chinese GDP for the second quarter increased by 0.7% quarterly and 4.7% annualized. Economists predicted a rise of 1.1% quarterly and 5.1% annualized. Forex traders can compare this to the Chinese GDP for the first quarter, which rose by 1.5% quarterly and 5.3% annualized. The Chinese GDP for 2024 year-to-date increased by 5.0%. Economists predicted an increase of 5.1%. Forex traders can compare this to the Chinese GDP 2023 year-to-date, which rose by 5.3%.
Chinese Retail Sales for June increased by 2.0% annualized. Economists predicted a rise of 3.3% annualized. Forex traders can compare this to Chinese Retail Sales for May, which expanded by 3.7% annualized.
Chinese Industrial Production for June increased by 5.3% annualized. Economists predicted an expansion of 4.9% annualized. Forex traders can compare this to Chinese Industrial Production for May, which rose 5.6% annualized.
Chinese Fixed Assets ex Rural for June expanded by 3.9% annualized. Economists predicted a rise of 3.9% annualized. Forex traders can compare this to Chinese Fixed Assets ex Rural for May, which increased 4.0% annualized.
The Chinese Surveyed Jobless Rate for June came in at 5.0%. Economists predicted 5.0%. Forex traders can compare this to the Chinese Surveyed Jobless Rate for May, reported at 5.0%.
The Chinese House Price Index for June decreased by 4.5% annualized. Forex traders can compare this to the Chinese House Price Index for May, which contracted 3.9% annualized.
Canadian Final Manufacturing Sales for May are predicted to increase by 0.3% monthly, and Final Wholesale Sales by 2.0% monthly. Forex traders can compare this to Canadian Manufacturing Sales for April, which rose by 1.1% monthly, and Final Wholesale Sales, which expanded by 2.4% monthly.
The forecast for the NZD/CAD is cautiously bullish after this currency pair stabilized inside its horizontal support area. The flat Tenkan-sen and Kijun-sen suggest short-term volatility may increase. The Ichimoku Kinko Hyo Cloud confirms volatility potential as the Senkou Span A moves lower and the Senkou Span B drifts higher. Traders should also monitor the CCI after recording a higher low in extreme oversold territory, followed by a breakout. This technical indicator has more upside potential and a push above zero could accelerate the rally. Can bulls maintain control over the NZD/CAD and drive price action into its horizontal resistance area? Subscribe to the PaxForex Daily Fundamental Analysis and earn over 5,000 pips per month.
Should price action for the NZD/CAD remain inside the or break out above the 0.8300 to 0.8340 zone, PaxForex recommends the following trade setup:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.8325
- Take Profit Zone: 0.8475 – 0.8515
- Stop Loss Level: 0.8275
Should price action for the NZD/CAD break down below 0.8300, PaxForex recommends the following trade setup:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: SHort Position @ 0.8275
- Take Profit Zone: 0.8200 – 0.8220
- Stop Loss Level: 0.8300
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