Source: PaxForex Premium Analytics Portal, Fundamental Insight

The New Zealand Trade Balance for March was reported at NZ$33M monthly and NZ$1,690M 12-month year-to-date. Forex traders can compare this to the New Zealand Trade Balance for February, reported at NZ$201M monthly and NZ$2,380M 12-month year-to-date. Exports for March were reported at NZ$5.68B and Imports at NZ$5.65B. Forex traders can compare this to Exports for February, reported at NZ$4.50B, and to Imports, reported at NZ$4.30B. The New Zealand ANZ Activity Outlook for April increased by 22.2%, and ANZ Business Confidence was reported at -2.0. Forex traders can compare this to the New Zealand ANZ Activity Outlook for March, which increased by 16.6%, and to ANZ Business Confidence, reported at -4.1.

US Initial Jobless Claims for the week of April 24th are predicted at 549K, and US Continuing Claims for the week of April 17th are predicted at 3,614K. Forex traders can compare this to US Initial Jobless Claims for the week of April 17th, reported at 547K, and to US Continuing Claims for the week of April 10th, reported at 3,674K. US Pending Home Sales for March are predicted to increase by 5.0% monthly. Forex traders can compare this to US Pending Home Sales for February, which decreased by 10.6% monthly. 

The Preliminary US GDP for the first quarter is predicted to increase by 6.1% annualized. Forex traders can compare this to the fourth-quarter GDP, which increased by 4.3% annualized. The Preliminary GDP Price Index for the first quarter is predicted to increase by 2.5% annualized. Forex traders can compare this to the fourth quarter GDP Price Index, which increased by 1.9% annualized. The Preliminary Core PCE for the first quarter is predicted to increase by 2.4% annualized. Forex traders can compare this to the fourth quarter Core PCE, which increased by 1.3% annualized.

The forecast for the NZD/USD remains bullish after price action pushed through its descending Ichimoku Kinko Hyo Cloud. Traders should expect a rise in volatility while bulls and bears battle for direction, but the ascending Kijun-sen and Tenkan-sen support a bullish extension of the current advance. The CCI moved into extreme overbought territory and is likely to retreat before attempting a new move higher, allowing traders to buy the sell-off in this currency pair. Can bulls for the NZD/USD 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 0.7230 to 0.7285 zone, PaxForex recommends the following trade set-up:

• Timeframe: D1           
• Recommendation: Long Position
• Entry Level: Long Position @ 0.7260
• Take Profit Zone: 0.7435 – 0.7465
• Stop Loss Level: 0.7200

Should price action for the NZD/USD breakdown below 0.7230, PaxForex recommends the following trade set-up:

• Timeframe: D1           
• Recommendation: Short Position
• Entry Level: Short Position @ 0.7200
• Take Profit Zone: 0.7055 – 0.7115
• Stop Loss Level: 0.7230

Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.