Source: PaxForex Premium Analytics Portal, Fundamental Insight
New Zealand Permanent/Long-Term Migration for September came in at 2,176. Forex traders can compare this to Permanent/Long-Term Migration for August, reported at 1,343. External Migration & Visitors for September increased by 6,448.5% monthly. Forex traders can compare this to External Migration & Visitors for August, which rose 4,748.8% monthly.
Chinese Retail Sales for October decreased by 0.5% annualized. Economists predicted an increase of 1.0% annualized. Forex traders can compare this to Chinese Retail Sales for September, which expanded by 2.5% annualized.
Chinese Industrial Production for October increased by 5.0% annualized. Economists predicted an expansion of 5.2% annualized. Forex traders can compare this to Chinese Industrial Production for September, which rose 6.3% annualized.
Chinese Fixed Assets ex Rural for October expanded 5.8% annualized. Economists predicted a rise of 5.9% annualized. Forex traders can compare this to Chinese Fixed Assets ex Rural for September, which increased by 5.9% annualized.
The Chinese Surveyed Jobless Rate for October came in at 5.5%. Economists predicted 5.5%. Forex traders can compare this to the Chinese Surveyed Jobless Rate for September, reported at 5.5%.
The Preliminary Japanese GDP for the third quarter decreased by 0.3% quarterly and 1.2% annualized. Economists predicted a rise of 0.3% and 1.1% annualized. Forex traders can compare this to the Japanese GDP for the second quarter, which expanded by 1.1% quarterly and 4.6% annualized. Preliminary Private Consumption for the third quarter rose 0.3% quarterly, preliminary Capital Expenditure increased by 1.5% quarterly, and preliminary External Demand decreased by 0.7% quarterly. Economists predicted an expansion of 0.2%, 2.1%, and a drop of 0.2%. Forex traders can compare this to Private Consumption for the second quarter, which increased 1.2% quarterly, Capital Expenditure, which rose 2.4% quarterly, and External Demand, which expanded by 0.2% quarterly.
Final Japanese Industrial Production for September rose 1.7% monthly and decreased by 9.6% annualized. Forex traders can compare this to Japanese Industrial Production for August, which increased by 3.4% monthly and 5.8% annualized. Capacity Utilization for September contracted by 0.4% monthly. Forex traders can compare this to Capacity Utilization for August, which rose 1.2% monthly.
The forecast for the NZD/JPY turned bearish after this currency pair bounced off its Ichimoku Kinko Hyo Cloud, which is vulnerable to a bearish crossover. Volatility may increase amid a flat Tenkan-sen and an ascending Kijun-sen, which is well below the Tenkan-sen. Traders should monitor the CCI following its breakout from extreme oversold territory, which is unlikely to push through the zero barrier. A new push lower could trigger more selling pressure. Can bears regain control over the NZD/JPY and force 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/JPY remain inside the or breakdown below the 85.500 to 86.250 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 85.950
- Take Profit Zone: 83.100 – 83.800
- Stop Loss Level: 86.650
Should price action for the NZD/JPY breakout above 86.250, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 86.650
- Take Profit Zone: 87.200 – 87.850
- Stop Loss Level: 86.250
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