Here are the key factors to keep in mind today for New Zealand Dollar trades:
- New Zealand Business Manufacturing PMI: The New Zealand Business Manufacturing PMI for February was reported at 53.7. Forex traders can compare this to the New Zealand Business Manufacturing PMI for January which was reported at 53.1.
- New Zealand Migration: Permanent/Long-Term Migration for January was reported at 6,300. Forex traders can compare this to Permanent/Long-Term Migration for December which was reported at 6,880. Visitor Arrivals for January decreased by 0.1% monthly and External Migration & Visitors increased by 5.3% monthly. Forex traders can compare this to Visitor Arrivals for December which decreased by 2.7% monthly and to External Migration & Visitors which increased by 3.1% monthly.
- Chinese Foreign Direct Investment: Chinese Foreign Direct Investment for February increased by 5.5% annualized. Forex traders can compare this to Chinese Foreign Direct Investment for January which increased by 4.8% annualized.
- Chinese New Home Prices: Chinese New Home Prices for February increased by 0.56% monthly. Forex traders can compare this to Chinese New Home Prices for January which increased by 0.61% monthly.
Here are the key factors to keep in mind today for Canadian Dollar trades:
- Canadian Manufacturing Sales: Canadian Manufacturing Sales for January are predicted to increase by 0.4% monthly. Forex traders can compare this to Canadian Manufacturing Sales for December which decreased by 1.3% monthly.
- Canadian Existing Home Sales: Canadian Existing Home Sales for February are predicted to decrease by 4.0% monthly. Forex traders can compare this to Canadian Existing Home Sales for January which increased by 3.6% monthly.
Should price action for the NZDCAD remain inside the or breakdown below the 0.9085 to 0.9140 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.9115
- Take Profit Zone: 0.8900 – 0.8940
- Stop Loss Level: 0.9160
Should price action for the NZDCAD breakout above 0.9140 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.9185
- Take Profit Zone: 0.9260 – 0.9300
- Stop Loss Level: 0.9140
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
