Source: PaxForex Premium Analytics Portal, Fundamental Insight
The New Zealand Performance of Services Index for June came in at 50.1, and the New Zealand Performance of Composite Index at 48.9. Forex traders can compare this to the New Zealand Performance of Services Index for May, reported at 53.1, and the New Zealand Performance of Composite Index at 50.7.
The Chinese GDP for the second quarter increased by 0.8% quarterly and 6.3% annualized. Economists predicted a rise of 0.5% quarterly and 7.3% annualized. Forex traders can compare this to the Chinese GDP for the first quarter, which rose by 2.2% quarterly and 4.5% annualized. The Chinese GDP for 2023 year-to-date increased by 5.5%. Forex traders can compare this to the Chinese GDP for 2022 year-to-date, which rose by 4.5%.
Chinese Retail Sales for June increased by 3.1% annualized. Economists predicted a rise of 3.2% annualized. Forex traders can compare this to Chinese Retail Sales for May, which surged by 12.7% annualized.
Chinese Industrial Production for June increased by 4.4% annualized. Economists predicted an expansion of 2.7% annualized. Forex traders can compare this to Chinese Industrial Production for May, which rose 3.5% annualized.
Chinese Fixed Assets ex Rural for June expanded by 3.8% annualized. Economists predicted a rise of 3.5% annualized. Forex traders can compare this to Chinese Fixed Assets ex Rural for May, which increased by 4.0% annualized.
The Chinese Surveyed Jobless Rate for June came in at 5.2%. Economists predicted 5.2%. Forex traders can compare this to the Chinese Surveyed Jobless Rate for May, reported at 5.2%.
Chinese Industrial Capacity Utilization for the second quarter came in at 74.5%. Forex traders can compare this to Chinese Industrial Capacity Utilization for the first quarter, which came in at 74.3%.
Canadian Wholesale Trade Sales for May are predicted to increase by 3.5% monthly. Forex traders can compare this to Canadian Wholesale Trade Sales for April, which decreased by 1.4% monthly.
The forecast for the NZD/CAD turned bearish after this currency pair pushed above its downward-shifting Ichimoku Kinko Hyo Cloud with fading bullish momentum. The Kijun-sen has flatlined, but the Tenkan-sen continues to move higher following a bullish crossover, suggesting more volatility ahead. Traders should monitor the CCI in extreme overbought territory. A breakdown below 100 could trigger a profit-taking sell-off. Can bears regain control over the NZD/CAD and pressure 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 NZD/CAD remain inside the or breakdown below the 0.8370 to 0.8425 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.8385
- Take Profit Zone: 0.8080 – 0.8130
- Stop Loss Level: 0.8450
Should price action for the NZD/CAD breakout above 0.8425, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.8450
- Take Profit Zone: 0.8510 – 0.8530
- Stop Loss Level: 0.8425
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