Source: PaxForex Premium Analytics Portal, Fundamental Insight
New Zealand Permanent/Long-Term Migration for May came in at 4,939. Forex traders can compare this to Permanent/Long-Term Migration for April, reported at 7,633. External Migration & Visitors for May surged 120.4% monthly. Forex traders can compare this to External Migration & Visitors for April, which sky-rocketed 307.5% monthly. Visitor Arrivals for May plunged 27.5% monthly. Economists predicted a surge of 60.5%. Forex traders can compare this to Visitor Arrivals for April, which dropped 16.9% monthly.
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 it raised interest rates by 25 basis points to 5.50%, the twelfth consecutive hike. New Zealand has the highest interest rate among G7 countries.
The US CPI for June is predicted to increase by 0.3% monthly and by 3.1% annualized. Forex traders can compare this to the US CPI for May, which rose by 0.1% monthly and 4.0% annualized. The US Core CPI for June is predicted to expand by 0.3% monthly and by 5.0% annualized. Forex traders can compare this to the US Core CPI for May, which rose by 0.4% monthly and 5.3% annualized.
US Real Average Hourly Earnings for June are predicted to decrease by 0.1% monthly. Forex traders can compare this to US Real Average Hourly Earnings for May, which contracted by 0.1% monthly.
US Crude Oil Inventories Change for the week ending July 7th are predicted at 0.483M. Traders can compare this to US Crude Oil Inventories Change for the week ending June 30th, reported at -1.508M. US Gasoline Inventories Change for the week ending July 7th are predicted at -0.727M, and US Distillate Stocks Change at -0.292M. Traders can compare this to US Gasoline Inventories Change for the week ending June 30th, reported at -2.550M, and US Distillate Stocks Change at -1.045M.
The forecast for the NZD/USD remains cautiously bullish after this currency pair moved above its upward-shifting Ichimoku Kinko Hyo Cloud. Adding to the upside momentum is the bullish crossover of the ascending Tenkan-sen above the flat Kijun-sen. Traders should monitor the CCI after it has entered extreme overbought territory. This technical indicator may dip below 100 before resuming its uptrend and has plenty of upside potential. Can bulls maintain upside pressure on the NZD/USD and drive 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 0.6190 to 0.6240 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.6220
- Take Profit Zone: 0.6350 – 0.6385
- Stop Loss Level: 0.6165
Should price action for the NZD/USD breakdown below 0.6190, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.6165
- Take Profit Zone: 0.6050 – 0.6100
- Stop Loss Level: 0.6190
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