Source: PaxForex Premium Analytics Portal, Fundamental Insight
New Zealand Electronic Retail Card Spending for March increased by 0.7% monthly and surged by 15.5% annualized. Economists predicted a rise of 1.5% and 9.5%. Forex traders can compare this to New Zealand Electronic Retail Card Spending for February, which decreased by 0.1% monthly and accelerated by 11.7% annualized.
The US CPI for March is predicted to increase by 0.2% monthly and by 5.2% annualized. Forex traders can compare this to the US CPI for February, which rose by 0.4% monthly and 6.0% annualized. The US Core CPI for March is predicted to expand by 0.4% monthly and by 5.6% annualized. Forex traders can compare this to the US Core CPI for February, which rose by 0.5% monthly and 5.5% annualized.
US Real Average Hourly Earnings for March are predicted to decrease by 0.2% monthly. Forex traders can compare this to US Real Average Hourly Earnings for February, which contracted by 0.4% monthly.
US Crude Oil Inventories Change for the week ending April 7th are predicted at -0.583M. Traders can compare this to US Crude Oil Inventories Change for the week ending March 24th, reported at -3.739M. US Gasoline Inventories Change for the week ending April 7th are predicted at -1.600M, and US Distillate Stocks Change at -0.764M. Traders can compare this to US Gasoline Inventories Change for the week ending March 24th, reported at -4.119M, and US Distillate Stocks Change at -3.632M. Weekly Refinery Utilization Rates for the week ending April 7th are predicted to increase by 0.5% week-over-week. Forex traders can compare this to Weekly Refinery Utilization Rates for the week ending March 24th, which contracted by 0.7% week-over-week.
The US Monthly Budget Statement for March is predicted at -$302.0B. Forex traders can compare this to the US Monthly Budget Statement for February, reported at -$262.0B.
The forecast for the NZD/USD remains bullish after this currency pair corrected to the Senkou Span A of its Ichimoku Kinko Hyo Cloud, which shows signs of narrowing in an upward move, adding bullish pressures. Short-term volatility could rise with the Kijun-sen and the Tenkan-sen flat. Traders should also monitor the CCI after it has recorded a fresh 2023 high in extreme overbought territory, followed by a rapid collapse into extreme oversold conditions. This technical indicator stabilized, and a breakout is pending, which could boost buying pressure and offer traders a final buying signal. Can bulls regain control over the NZD/USD and force 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/USD remain inside the or breakout above 0.6180 to 0.6235 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.6200
- Take Profit Zone: 0.6325 – 0.6380
- Stop Loss Level: 0.6130
Should price action for the NZD/USD breakdown below 0.6180, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.6160
- Take Profit Zone: 0.6055 – 0.6080
- Stop Loss Level: 0.6180
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