Source: PaxForex Premium Analytics Portal, Fundamental Insight
The New Zealand PPI Input for the first quarter increased 0.7% quarterly, and the New Zealand PPI Output increased 0.9% quarterly. Economists predicted a rise of 0.6% and 0.5%. Forex traders can compare this to the New Zealand PPI Input for the fourth quarter, which increased 0.9% quarterly, and to the New Zealand PPI Output, which increased 0.7% quarterly.
The Singapore Trade Balance for April came in at S$4.525B. Economists predicted a reading of S$5.118B. Forex traders can compare this to the Singapore Balance for March, reported at S$4.684B. Non-oil exports for April rose by 7.6% monthly and collapsed by 9.3% annualized. Economists predicted a rise of 8.5% and a plunge of 10.0%. Forex traders can compare this to Non-Oil Exports for March, which increased by 7.9% monthly and cratered by 20.8% annualized.
Chinese Retail Sales for April increased by 2.3% annualized. Economists predicted a rise of 3.7% annualized. Forex traders can compare this to Chinese Retail Sales for March, which expanded by 3.1% annualized.
Chinese Industrial Production for April increased by 6.7% annualized. Economists predicted an expansion of 5.5% annualized. Forex traders can compare this to Chinese Industrial Production for March, which rose 4.5% annualized.
Chinese Fixed Assets ex Rural for April expanded 4.2% annualized. Economists predicted a rise of 4.6% annualized. Forex traders can compare this to Chinese Fixed Assets ex Rural for March, which increased 4.5% annualized.
The Chinese Surveyed Jobless Rate for April came in at 5.0%. Economists predicted 5.2%. Forex traders can compare this to the Chinese Surveyed Jobless Rate for March, reported at 5.2%.
The Chinese House Price Index for April decreased by 3.1% annualized. Forex traders can compare this to the Chinese House Price Index for March, which contracted 2.2% annualized.
The forecast for the NZD/SGD turned cautiously bearish after this currency pair reached its horizontal resistance area. The Tenkan-sen and the Kijun-sen show signs of flattening out. The Ichimoku Kinko Hyo Cloud adds to bearish pressures as the Senkou Span A moves lower with the Senkou Span B flat. Traders should also monitor the CCI in extreme overbought territory. A breakdown below 100 could trigger a sell-off. Can bears overpower bulls 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 0.8230 to 0.8260 zone, PaxForex recommends the following trade setup:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.8240
- Take Profit Zone: 0.8030 – 0.8080
- Stop Loss Level: 0.8290
Should price action for the NZD/SGD break out above 0.8260, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.8290
- Take Profit Zone: 0.8320 – 0.8340
- Stop Loss Level: 0.8260
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