The New Zealand GDP came in better than expected for the third quarter, but the second-quarter GDP was revised lower. An increase in exports was countered by a rise in imports and resulted in a widening of the trade deficit. The NZDUSD remained inside its horizontal resistance area as forex traders now await US data. Will it allow bulls to force a breakout or will bears pressure for a breakdown? Today’s fundamental analysis will take a look at the upside potential as well as the downside risk in this currency pair.

Forex traders await US initial jobless claims to gauge if last week’s spike was an anomaly or if it will be repeated. Housing data and leading indicators will also be closely watched as 2019 is coming to a close. The NZDUSD retreated from its most recent peak, but what impact will US data have on price action today? Subscribe to the PaxForex Daily Fundamental Analysis and earn over 5,000 pips per month.