Source: PaxForex Premium Analytics Portal, Fundamental Insight
The Reserve Bank of New Zealand kept interest rates unchanged at 5.50%. Economists predicted no change in interest rates. Forex traders can compare this to the Reserve Bank of New Zealand's previous interest rate announcement, where rates were unchanged at 5.50%.
The Hong Kong GDP for the fourth quarter is predicted to increase 0.5% quarterly and 4.3% annualized. Forex traders can compare this to the Hong Kong GDP for the third quarter, which rose 0.1% quarterly and 4.1% annualized.
The Advanced US GDP for the fourth quarter is predicted to increase by 3.3% annualized. Forex traders can compare this to the third quarter GDP, which rose 4.9% annualized. Real Personal Consumption for the fourth quarter is predicted to increase by 2.8% annualized, and GDP Sales are predicted to rise by 3.2%. Forex traders can compare this to the third quarter Real Personal Consumption, which expanded by 3.1% annualized, and GDP Sales, which accelerated by 3.6% annualized. The GDP Price Index for the fourth quarter is predicted to rise 1.5% annualized. Forex traders can compare this to the third quarter GDP Price Index, which rose 3.3% annualized. The PCE for the fourth quarter is predicted to increase by 1.7% annualized, and the Core PCE is predicted to expand by 2.0% annualized. Forex traders can compare this to the third quarter PCE, which rose by 2.6% annualized, and the Core PCE, which expanded by 2.0%.
The US Trade Balance for January is predicted at -$88.40B. Forex traders can compare this to the US Trade Balance for December, reported at -$87.89B.
US Preliminary Wholesale Inventories for January are predicted to rise by 0.1% monthly. Forex traders can compare this to US Wholesale Inventories for December, which increased by 0.4% monthly.
US Crude Oil Inventories Change for the week ending February 23rd are predicted at 3.100M. Traders can compare this to US Crude Oil Inventories Change for the week ending February 16th, reported at 3.514M. US Gasoline Inventories Change for the week ending February 23rd are predicted at -1.460M, and US Distillate Stocks Change at -2.140M. Traders can compare this to US Gasoline Inventories Change for the week ending February 16th, reported at -0.294M, and US Distillate Stocks Change at -4.009M.
The forecast for the NZD/USD turned cautiously bullish after a five-day correction. Following a bullish crossover, the Tenkan-sen moved higher while the Kijun-sen flatlined. The Senkou Span A and Senkou Span B have flatlined after completing a bearish crossover. Traders should also monitor the CCI following a double breakdown from extreme overbought territory and below zero. This technical indicator could touch the -100 level before bouncing 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 0.6080 to 0.6130 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.6110
- Take Profit Zone: 0.6215 – 0.6260
- Stop Loss Level: 0.6040
Should price action for the NZD/USD breakdown below 0.6080, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.6040
- Take Profit Zone: 0.5915 – 0.5965
- Stop Loss Level: 0.6080
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