Source: PaxForex Premium Analytics Portal, Fundamental Insight
New Zealand Retail Card Spending for June increased 0.9% monthly and 4.0% monthly. Forex traders can compare this to New Zealand Retail Card Spending for May, which increased 1.7% monthly and 18.1% monthly.
Japanese Machine Orders for May increased 7.8% monthly and 12.2% annualized. Economists predicted an increase of 2.6% and 6.3%. Forex traders can compare this to Japanese Machine Orders for April, which increased 0.6% monthly and 6.5% annualized. The Japanese PPI for June increased 0.6% monthly and 5.0% annualized. Economists predicted an increase of 0.6% and 4.7% annualized. Forex traders can compare this to the Japanese PPI for May, which increased 0.8% monthly and 5.1% annualized.
The forecast for the NZD/JPY remains bearish after this currency pair paused its sell-off and stabilized at a minor support level. Despite the flatlined Kijun-sen and Tenkan-sen, the bearish chart pattern prevails, with the Ichimoku Kinko Hyo Cloud drifting lower. The CCI is on course to move out of extreme oversold territory but is expected to reverse and accelerate to the downside. Can bears keep selling pressure on the NZD/JPY intact and force it 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/JPY remain inside the or breakdown below the 76.650 to 77.350 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 76.900
- Take Profit Zone: 74.900 – 75.550
- Stop Loss Level: 77.750
Should price action for the NZD/JPY breakout above 77.350, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 77.750
- Take Profit Zone: 78.450 – 78.750
- Stop Loss Level: 77.350
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
