Source: PaxForex Premium Analytics Portal, Fundamental Insight
US Initial Jobless Claims for the week of July 17th are predicted at 350K, and US Continuing Claims for the week of July 10th are predicted at 3,100K. Forex traders can compare this to US Initial Jobless Claims for the week of July 10th, reported at 360K, and to US Continuing Claims for the week of July 3rd, reported at 3,241K.
US Existing Home Sales for June are predicted at 5.90M. Forex traders can compare this to US Existing Home Sales for May, reported at 5.80M. The US Leading Index for June is predicted to increase 0.9% monthly. Forex traders can compare this to the US Leading Index for May, which increased 1.3% monthly.
The forecast for the NZD/USD is slowly turning bullish after a correction took this currency pair into support. Price action stabilized, and the Tenkan-sen entered a sideways trend while the Kijun-sen extends its move to the downside. It suggests that volatility may increase, and traders should prepare for choppy trading. The Ichimoku Kinko Hyo Cloud maintains its moderately bearish bias with signs of stability. After the CCI moved out of extreme oversold territory, upside momentum began to accumulate. Can bulls force the NZD/USD into a reversal until it reaches 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 0.6915 to 0.6995 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.6965
- Take Profit Zone: 0.7155 – 0.7210
- Stop Loss Level: 0.6880
Should price action for the NZD/USD breakdown below 0.6915, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.6880
- Take Profit Zone: 0.6770 – 0.6815
- Stop Loss Level: 0.6915
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