Source: PaxForex Premium Analytics Portal, Fundamental Insight
New Zealand Permanent/Long-Term Migration for February was reported at 674. Forex traders can compare this to Permanent/Long-Term Migration for January, reported at 550. External Migration & Visitors for February decreased by 98.6% monthly. Forex traders can compare this to External Migration & Visitors for January, which decreased by 98.7% monthly.
The preliminary Singapore GDP for the first quarter increased by 2.0% quarterly and 0.2% annualized. Forex traders can compare this to the Singapore GDP for the fourth quarter, which increased by 15.9% quarterly, and which decreased by 2.4% annualized.
The forecast for the NZD/SGD remains bearish, driven by positive fundamentals out of Singapore, while New Zealand experiences more downside pressures. With the Ichimoku Kinko Hyo Cloud narrowing and sloping lower, traders should expect more downside. The Kijun-sen flatlined, while the Tenkan-sen drifts marginally higher. After the CCI surged into extreme overbought territory with limited upside potential, a sell-off is likely to follow. Will bears deliver another leg lower and force the NZD/SGD 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/SGD remain inside the or breakdown below the 0.9425 to 0.9530 zone, the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.9475
- Take Profit Zone: 0.9130 – 0.9200
- Stop Loss Level: 0.9595
Should price action for the NZD/SGD breakout above 0.9530, the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.9595
- Take Profit Zone: 0.9720 – 0.9770
- Stop Loss Level: 0.9530
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
