Source: PaxForex Premium Analytics Portal, Fundamental Insight
The New Zealand GDP for the first quarter increased by 0.2% quarterly and 0.3% annualized. Economists predicted a rise of 0.1% and 0.2%. Forex traders can compare this to the New Zealand GDP for the fourth quarter, which contracted by 0.1% quarterly and 0.2% annualized. The New Zealand GDP Annual Average for the first quarter rose by 0.2% quarterly, and GDP Expenditure increased by 0.1% quarterly. Forex traders can compare this to the New Zealand GDP Annual Average for the fourth quarter, which increased by 0.6% quarterly, and GDP Expenditure, which rose by 0.1% quarterly.
The Chinese 1-Year Loan Prime Rate for May was reported at 3.45%, and the Chinese 5-Year Loan Prime Rate at 3.95%. Economists predicted a figure of 3.45% and 3.95%. Forex traders can compare this to the previous Chinese 1-Year Loan Prime Rate for April, reported at 3.45%, and the Chinese 5-Year Loan Prime Rate reported at 3.95%.
US Housing Starts for May are predicted at 1,370K starts and Building Permits at 1,450K permits. Forex traders can compare this to US Housing Starts for April, reported at 1,360K starts, and Building Permits at 1,440K permits.
US Initial Jobless Claims for the week of June 15th are predicted at 235K, and US Continuing Claims for the week of June 8th at 1,810K. Forex traders can compare this to US Initial Jobless Claims for the week of June 8th, reported at 242K, and US Continuing Claims for the week of June 1st, reported at 1,820K.
The US Current Account Balance for the first quarter is predicted at -$207.0B. Forex traders can compare this to the US Current Account Balance for the fourth quarter, reported at -$194.8B.
The Philadelphia Fed Manufacturing Index for June is predicted at 4.8. Forex traders can compare this to the Philadelphia Fed Manufacturing Index for May, reported at 4.5. Traders should focus on the CAPEX, Prices Paid, New Orders, and Employment sub-components.
US Crude Oil Inventories Change for the week ending June 14th are predicted to drop by 2.800M. Traders can compare this to US Crude Oil Inventories Change for the week ending June 7th, which surged by 3.730M. US Gasoline Inventories Change for the week ending June 14th are predicted to increase by 1.500M, and US Distillate Stocks Change to decrease by 0.500M. Traders can compare this to US Gasoline Inventories Change for the week ending June 7th, which expanded by 2.566M, and US Distillate Stocks Change, which rose by 0.881M.
The forecast for the NZD/USD turned bearish after this currency pair advanced into its horizontal resistance area. Short-term volatility could increase with the Tenkan-sen shifting lower and the Kijun-sen moving higher. The Ichimoku Kinko Hyo Cloud adds to volatility, with the Senkou Span A moving higher and the Senkou Span B flat. Traders should also monitor the CCI following its double breakdown from extreme overbought territory and below zero, as this technical indicator has more downside potential. Can bears regain control over the NZD/USD and force price action into its horizontal support 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 breakdown below the 0.6110 to 0.6145 zone, PaxForex recommends the following trade setup:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.6130
- Take Profit Zone: 0.5935 – 0.5980
- Stop Loss Level: 0.6170
Should price action for the NZD/USD break out above 0.6145, PaxForex recommends the following trade setup:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.6170
- Take Profit Zone: 0.6215 – 0.6255
- Stop Loss Level: 0.6145
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