Source: PaxForex Premium Analytics Portal, Fundamental Insight
The New Zealand Unemployment Rate for the second quarter came in at 3.6%. Economists predicted an Unemployment Rate of 3.5%. Forex traders can compare this to the Unemployment Rate for the first quarter, reported at 3.4%. The Employment Change for the second quarter rose by 1.0%. Economists predicted an increase of 0.5%. Forex traders can compare this to the Employment Change for the first quarter, which expanded by 0.8% quarterly. The Participation Rate for the second quarter was 72.4%. Economists predicted a Participation Rate of 72.0%. Forex traders can compare this to the Participation Rate for the first quarter, reported at 72.0%. The Labor Cost Index for the second quarter increased 1.1% quarterly and 4.3% annualized. Economists predicted a rise of 1.2% and 4.4%. Forex traders can compare this to the Labor Cost Index for the first quarter, which expanded 0.9% quarterly and 4.5% annualized.
The US ADP Employment Change for July is predicted at 189K. Forex traders can compare this to the US ADP Employment Change for June, reported at 497K.
US Crude Oil Inventories Change for the week ending July 28th are predicted at -1.367M. Traders can compare this to US Crude Oil Inventories Change for the week ending July 21st, reported at -0.600M. US Gasoline Inventories Change for the week ending July 28th are predicted at -1.300M, and US Distillate Stocks Change at 0.112M. Traders can compare this to US Gasoline Inventories Change for the week ending July 21st, reported at -0.786M and US Distillate Stocks Change at -0.245M.
The forecast for the NZD/USD turned cautiously bullish after this currency pair corrected into its horizontal support area with fading bearish pressures. Price action dipped below its Ichimoku Kinko Hyo Cloud, which adopted a bullish stance with the Senkou Span A maintaining its upward drift after completing a bullish crossover above the flat Senkou Span B. Adding to short-term bearishness is the bearish crossover of the descending Tenkan-sen below the flat Kijun-sen. Traders should also monitor the CCI, which has moved into extreme oversold territory, where it currently holds on to a higher low. A reversal and breakout in this technical indicator above -100 could trigger the next move higher. Can bulls overpower bears and regain control over the NZD/USD to push price action into its horizontal resistance area and a potentially fresh 2023 high? 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 0.6070 to 0.6120 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.6100
- Take Profit Zone: 0.6260 – 0.6310
- Stop Loss Level: 0.6030
Should price action for the NZD/USD breakdown below 0.6070, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.6030
- Take Profit Zone: 0.5950 – 0.5985
- Stop Loss Level: 0.6070
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
