Source: PaxForex Premium Analytics Portal, Fundamental Insight
New Zealand Credit Card Spending for June decreased by 9.2% annualized. Forex traders can compare this to New Zealand Credit Card Spending for May, which decreased by 20.6% annualized. The Canadian New Housing Price Index for June is predicted to increase by 0.1% monthly. Forex traders can compare this to the Canadian New Housing Price Index for May, which increased by 0.1% monthly.
Canadian Retail Sales for May are predicted to increase by 20.0% monthly, and Canadian Core Retail are predicted to increase by 12.0% monthly. Forex traders can compare this to Canadian Retail Sales for April, which decreased by 26.4% monthly, and to Canadian Core Retail Sales, which decreased by 22.0% monthly.
The forecast for the NZD/CAD is turning bearish as price action reversed from its intra-day high and is now trading below the Tenkan-sen. With US-China tension recording a fresh peak after numerous US officials have released hostile speeches blaming, criticizing, and threatening China, global trade will face longer-lasting and additional tariffs. This currency pair is expected to correct below its Kijun-sen and into its next horizontal support area, hugging the Senkou Span B of the Ichimoku Kinko Hyo Cloud. Will bears successfully initiate a correction? 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 0.8845 to 0.8910 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.8870
- Take Profit Zone: 0.8595 – 0.8650
- Stop Loss Level: 0.8950
Should price action for the NZD/CAD breakout above 0.8910 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.8950
- Take Profit Zone: 0.9030 – 0.9065
- Stop Loss Level: 0.8910
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