Source: PaxForex Premium Analytics Portal, Fundamental Insight
The New Zealand NBNZ Own Activity for July rose by 16.3%, and ANZ Business Confidence was 27.1. Forex traders can compare this to the New Zealand NBNZ Own Activity for June, which grew by 12.2%, and to ANZ Business Confidence, reported at 6.1.
The Chinese Non-Manufacturing PMI for July came in at 50.2, and the Chinese Manufacturing PMI at 49.4. Economists predicted a figure of 50.3 and 49.4. Forex traders can compare this to the Chinese Non-Manufacturing PMI for June, reported at 50.5, and the Chinese Manufacturing PMI, at 49.5. The Chinese Composite PMI for July came in at 50.2. Forex traders can compare this to the Chinese Composite PMI for June, reported at 50.5.
New Zealand M3 Money Supply M3 for June came in at NZ$412.9B. Forex traders can compare this to New Zealand M3 Money Supply M3 for May, reported at NZ$410.2B.
The Hong Kong GDP for the second quarter is predicted to increase 0.3% quarterly and 2.7% annualized. Forex traders can compare this to the Hong Kong GDP for the first quarter, which rose 2.3% quarterly and 2.7% annualized.
The US ADP Employment Change for July is predicted at 147K. Forex traders can compare this to the US ADP Employment Change for June, reported at 150K.
The US Employment Cost Index for the second quarter is predicted to increase by 1.0% quarterly. Forex traders can compare this to the US Employment Cost Index for the first quarter, which rose 1.2% quarterly.
The US Chicago PMI for July is predicted at 44.8. Forex traders can compare this to the US Chicago PMI for June, reported at 47.4.
US Pending Home Sales for June are predicted to increase 1.4% monthly. Forex traders can compare this to US Pending Home Sales for May, which dropped 2.1% monthly.
The US FOMC Interest Rate Decision is predicted to show interest rates at 5.50%. Forex traders can compare this to the previous US FOMC Interest Rate Decision, which showed interest rates at 5.50%.
The forecast for the NZD/USD turned bullish after this currency pair corrected into its horizontal support area. Short-term volatility may rise with the Tenkan-sen descending and the Kijun-sen flat. The Senkou Span A of the Ichimoku Kinko Hyo Cloud completed a bearish crossover below the ascending Senkou Span B, but traders should monitor the CCI. This technical indicator broke out from extreme oversold territory with plenty of upside momentum. 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 0.5880 to 0.5925 zone, PaxForex recommends the following trade setup:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Short Position @ 0.5900
- Take Profit Zone: 0.6035 – 0.6080
- Stop Loss Level: 0.5855
Should price action for the NZD/USD break down below 0.5880, PaxForex recommends the following trade setup:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.5855
- Take Profit Zone: 0.5775 – 0.5810
- Stop Loss Level: 0.5880
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