Source: PaxForex Premium Analytics Portal, Fundamental Insight
The New Zealand ANZ Activity Outlook for June decreased by 9.1%, and ANZ Business Confidence came in at -62.6. Forex traders can compare this to the New Zealand ANZ Activity Outlook for May, which dropped 4.7%, and to ANZ Business Confidence, reported at -55.6.
The Chinese Non-Manufacturing PMI for June came in at 54.7, and the Chinese Manufacturing PMI at 50.2. Forex traders can compare this to the Chinese Non-Manufacturing PMI for May, reported at 47.8, and the Chinese Manufacturing PMI at 49.6. The Chinese Composite PMI for June came in at 54.1. Forex traders can compare this to the Chinese Composite PMI for May, reported at 48.4.
US Initial Jobless Claims for the week of June 25th are predicted at 228K, and US Continuing Claims for the week of June 18th are predicted at 1,310K. Forex traders can compare this to US Initial Jobless Claims for the week of June 18th, reported at 229K, and to US Continuing Claims for the week of June 11th, reported at 1,315K.
US Personal Income for May is predicted to increase 0.5% monthly, and Personal Spending by 0.4% monthly. Forex traders can compare this to Personal Income for April, which rose 0.4% monthly, and to Personal Spending, which expanded 0.9% monthly. The PCE Core Deflator for May is predicted to increase 0.4% monthly and 4.8% annualized. Forex traders can compare this to the PCE Core Deflator for April, which rose 0.3% monthly and 4.9% annualized.
The US Chicago PMI for June is predicted at 58.0. Forex traders can compare this to the US Chicago PMI for May, reported at 60.3.
US Natural Gas Inventories for the week ending June 24th are predicted at 74B cubic feet. Traders can compare this to US Natural Gas Inventories for the week ending June 17th, reported at 74B cubic feet.
The forecast for the NZD/USD turned bullish after this currency pair corrected into its horizontal support area. Confirming the lack of short-term bearishness is the flat Kijun-sen, but volatility could remain elevated as the Tenkan-sen extends its moderate downside drift. The Ichimoku Kinko Hyo Cloud supported the correction, but the Senkou Span A shows signs of stabilization. Traders should monitor the CCI, which dipped into extreme oversold territory, and if it will record a higher low before reversing higher. A breakout above -100 could trigger the next advance. Can bulls regain their footing and push the NZD/USD 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 0.6150 to 0.6280 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.6220
- Take Profit Zone: 0.6525 – 0.6620
- Stop Loss Level: 0.6070
Should price action for the NZD/USD breakdown below 0.6150, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.6070
- Take Profit Zone: 0.5820 – 0.5910
- Stop Loss Level: 0.6150
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