Source: PaxForex Premium Analytics Portal, Fundamental Insight
New Zealand Retail Sales for the second quarter increased 3.3% quarterly and 33.3% annualized. Forex traders can compare this to New Zealand Retail Sales for the first quarter, which increased 2.8% quarterly and 6.6% annualized.
US New Home Sales for July are predicted to increase 3.0% monthly to 700K new homes. Forex traders can compare this to US New Home Sales for June, which decreased 6.6% monthly to 676K new homes.
The forecast for the NZD/USD turned bullish after price action completed its sell-off and started to recover. Traders should prepare for more volatility as the Tenkan-sen continues to move lower with the Kijun-sen flat. The Ichimoku Kinko Hyo Cloud adds to an expanding bullish scenario with the Senkou Span A advancing. After the CCI accelerated out of extreme oversold territory, it cleared the hurdle for more upside. Can bulls rally the NZD/USD and pressure this currency pair into its next 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 0.6885 to 0.6945 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.6915
- Take Profit Zone: 0.7100 – 0.7155
- Stop Loss Level: 0.6840
Should price action for the NZD/USD breakdown below 0.6885, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.6840
- Take Profit Zone: 0.6740 – 0.6770
- Stop Loss Level: 0.6885
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