Source: PaxForex Premium Analytics Portal, Fundamental Insight
The New Zealand Performance of Services Index for September came in at 45.7. Forex traders can compare this to the New Zealand Performance of Services Index for August, reported at 45.7.
New Zealand Electronic Retail Card Spending for September was flat at 0.0% monthly and plunged by 5.6% annualized. Forex traders can compare this to New Zealand Electronic Retail Card Spending for August, which rose by 0.2% monthly and dropped 2.9% annualized.
The preliminary Singapore GDP for the third quarter rose by 2.1% quarterly and 4.1% annualized. Forex traders can compare this to the Singapore GDP for the second quarter, which increased by 0.4% quarterly and 2.9% annualized.
The forecast for the NZD/SGD turned cautiously bullish after this currency pair corrected into its horizontal support area. The Tenkan-sen continues to move lower following a bearish crossover, but the Kijun-sen is flat, suggesting more short-term volatility ahead. The Senkou Span A of the Ichimoku Kinko Hyo Cloud moves higher with the Senkou Span B flat, providing more medium-term bullishness for this currency pair. Traders should also monitor the CCI following its breakout from extreme oversold territory. This technical indicator has more upside potential, and a move above zero could trigger the next leg higher. Can bulls maintain control over the NZD/SGD and drive price action 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 breakout above 0.7935 to 0.7980 zone, PaxForex recommends the following trade setup:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.7955
- Take Profit Zone: 0.8080 – 0.8125
- Stop Loss Level: 0.7905
Should price action for the NZD/SGD breakdown below 0.7935, PaxForex recommends the following trade setup:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.7905
- Take Profit Zone: 0.7845 – 0.7880
- Stop Loss Level: 0.7935
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
