Source: PaxForex Premium Analytics Portal, Fundamental Insight

The New Zealand Performance of Services Index for March came in at 47.5, and the New Zealand Performance of Composite Index was at 46.8. Forex traders can compare this to the New Zealand Performance of Services Index for February, reported at 52.6, and the New Zealand Performance of Composite Index at 51.3.

New Zealand Permanent/Long-Term Migration for February came in at 7,630. Forex traders can compare this to Permanent/Long-Term Migration for January, reported at 3,950. External Migration & Visitors for February surged 35.0% monthly. Forex traders can compare this to External Migration & Visitors for January, which sky-rocketed 21.7% monthly. Visitor Arrivals for February rose by 0.9% monthly. Forex traders can compare this to Visitor Arrivals for January, which increased 7.6% monthly.

US Retail Sales for March are predicted to increase by 0.4% monthly and Core Retail Sales by 0.5% monthly. Forex traders can compare this to US Retail Sales for February, which rose by 0.6% monthly, and Core Retail Sales, which expanded by 0.3% monthly.

The US Empire Manufacturing Index for April is predicted at -5.20. Forex traders can compare this to the US Empire Manufacturing Index for March, reported at -20.90.

The US NAHB Housing Market Index for April is predicted at 51. Forex traders can compare this to the US NAHB Housing Market Index for March, reported at 51.

US Business Inventories for February are predicted to increase by 0.3% monthly, and Retail Inventories excluding Autos, by 0.4%. Forex traders can compare this to US Business Inventories for January, which were flat at 0.0% monthly, and Retail Inventories excluding Autos, which increased by 0.3%.

The forecast for the NZD/USD is cautiously bullish in the short term after this currency pair corrected into its horizontal support area. The Ichimoku Kinko Hyo Cloud started to ease its downside pressure after the Senkou Span B flatlined. The Senkou Span A continues to move lower, which widens the Ichimoku Kinko Hyo Cloud. The Kijun-sen began to move lower following the recent drop in price action, but the Tenkan-sen began to wobble, as bulls and bears squared off at support. Traders should also monitor the CCI after it has moved into extreme oversold territory, where it could record a higher low. A sustained breakout above -100 could trigger the next move higher. Can bulls regain control over the NZD/USD and push 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 0.5925 to 0.5955 zone, PaxForex recommends the following trade set-up:

• Timeframe: D1           
• Recommendation: Long Position
• Entry Level: Long Position @ 0.5945
• Take Profit Zone: 0.6105 – 0.6135
• Stop Loss Level: 0.5900

Should price action for the NZD/USD breakdown below 0.5925, PaxForex recommends the following trade set-up:

• Timeframe: D1           
• Recommendation: Short Position
• Entry Level: Short Position @ 0.5900
• Take Profit Zone: 0.5840 – 0.5865
• Stop Loss Level: 0.5925

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