Source: PaxForex Premium Analytics Portal, Fundamental Insight
New Zealand Electronic Retail Card Spending for February decreased by 2.5% monthly and 5.3% annualized. Forex traders can compare this to New Zealand Electronic Retail Card Spending for January, which decreased by 0.2% monthly, and increased by 1.9% annualized.
The US CPI for February is predicted to increase by 0.4% monthly and by 1.7% annualized. Forex traders can compare this to the US CPI for January, which increased by 0.3% monthly and by 1.4% annualized. The US Core CPI for February is predicted to increase by 0.2% monthly and by 1.4% annualized. Forex traders can compare this to the US Core CPI for January, which increased by 0.1% monthly and by 1.4% annualized. The US Monthly Budget Statement for February is predicted at -$265.0B. Forex traders can compare this to the US Monthly Budget Statement for January, reported at -$163.0B.
The forecast for the NZD/USD turned bullish after it corrected into its ascending Ichimoku Kinko Hyo Cloud. A rise in volatility is likely after the descending Tenkan-sen moved below its flat Kijun-sen, but the CCI shows bullishness after reversing from a higher low. A move above the -100 level can trigger a price action reversal in this currency pair, with US CPI data as a potential catalyst. Will bulls gather enough strength to force the NZD/USD into 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 0.7100 to 0.7165 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.7135
- Take Profit Zone: 0.7435 – 0.7465
- Stop Loss Level: 0.7065
Should price action for the NZD/USD breakdown below 0.7100 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.7065
- Take Profit Zone: 0.6965 – 0.7000
- Stop Loss Level: 0.7100
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