Source: PaxForex Premium Analytics Portal, Fundamental Insight
The New Zealand Trade Balance for October was reported at -NZ$1,000M monthly and at NZ$2,190M 12-month year-to-date. Forex traders can compare this to the New Zealand Trade Balance for September, reported at -NZ$282M monthly and NZ$1,420M 12-month year-to-date. Exports for October were reported at NZ$4.78B and Imports at NZ$5.29B. Forex traders can compare this to Exports for September, reported at NZ$4.01B, and to Imports, reported at NZ$5.02B.
Singapore Industrial Production for October decreased by 19.0% monthly and by 0.9% annualized. Economists predicted a decrease of 11.9% and an increase of 6.2%. Forex traders can compare this to Singapore Industrial Production for September, which increased by 10.5% monthly and by 25.6% annualized.
The forecast for the NZD/SGD is turning negative after a sharp rally took price action across its Ichimoku Kinko Hyo Cloud. While economic data out of Singapore disappointed this morning, the country has a handle on the Covid-19 pandemic, allowing it to focus on economic recalibration. The Tenkan-sen and Kijun-sen continue their ascend, but the CCI is trending lower, in progress to exit extreme overbought territory. Will bears step in and force the NZD/SGD into a correction into its horizontal resistance 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 0.9330 to 0.9385 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.9360
- Take Profit Zone: 0.9000 – 0.9050
- Stop Loss Level: 0.9440
Should price action for the NZD/SGD breakout above 0.9385 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.9440
- Take Profit Zone: 0.9555 – 0.9600
- Stop Loss Level: 0.9385
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