Here are the key factors to keep in mind today for New Zealand Dollar trades:
- New Zealand Trade Balance: The New Zealand Trade Balance for November was reported at -NZ$1,193M monthly and at -NZ$3,439M year-to-date. Economists predicted a figure of -NZ$550M and of -NZ$2,700. Forex traders can compare this to the New Zealand Trade Balance for October which was reported at -NZ$843M monthly and at -NZ$2,969M year-to-date. Exports for November were reported at NZ$4.63B and Imports were reported at NZ$5.82B. Economists predicted a figure of NZ$4.61B and of NZ$5.10B. Forex traders can compare this to Exports for October which were reported at NZ$4.55B and to Imports which were reported at NZ$5.40B.
- New Zealand Current Account Balance: The New Zealand Current Account Balance for the third-quarter was reported at -NZ$4,679M monthly and the Current Account-to-GDP Ratio was reported at -2.6% year-to-date. Economists predicted a figure of -NZ$4,200M and of -2.5%. Forex traders can compare this to the New Zealand Current Account Balance for the second-quarter which was reported at -NZ$514M monthly and to the Current Account-to-GDP Ratio which was reported at -2.7% year-to-date.
- New Zealand Credit Card Spending: New Zealand Credit Card Spending for November increased by 0.8% monthly and by 9.1% annualized. Forex traders can compare this to New Zealand Credit Card Spending for October which increased by 0.8% monthly and by 3.0% annualized.
Here is the key factor to keep in mind today for US Dollar trades:
- US Existing Home Sales: US Existing Home Sales for November are predicted to increase by 0.7% monthly to 5.42M. Forex traders can compare this to US Existing Home Sales for October which increased by 2.0% monthly to 5.48M.
Should price action for the NZDUSD remain inside the or breakout above the 0.6960 to 0.6990 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.6975
- Take Profit Zone: 0.7300 – 0.7355
- Stop Loss Level: 0.6820
Should price action for the NZDUSD breakdown below 0.6960 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.6940
- Take Profit Zone: 0.6780 – 0.6820
- Stop Loss Level: 0.6975
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
