The New Zealand Business Manufacturing PMI for February was reported at 53.2. Forex traders can compare this to the New Zealand Business Manufacturing PMI for January, which was reported at 49.8. New Zealand Food Prices for February were reported flat at 0.0% monthly. Forex traders can compare this to New Zealand Food Prices for January, which increased by 2.1% monthly.
The US Import Price Index for February is predicted to decrease by 1.0% monthly and by 1.6% annualized. Forex traders can compare this to the US Import Price Index for January, which was reported flat at 0.0% monthly, and which increased by 0.3% annualized. The US Import Price Index excluding Petroleum for February is predicted to decrease by 0.6% monthly. Forex traders can compare this to the US Import Price Index excluding Petroleum for January, which increased by 0.2% monthly. The US Export Price Index for February is predicted to decrease by 0.4% monthly and by 1.1% annualized. Forex traders can compare this to the US Export Price Index for January, which increased by 0.7% monthly and by 0.5% annualized.
The preliminary US Michigan Consumer Sentiment for March is predicted at 95.0. Forex traders can compare this to US Michigan Consumer Confidence for February, which was reported at 101.1. Preliminary Current Conditions for March are expected at 112.0, and Preliminary Expectations are predicted at 88.2. Forex traders can compare this to Current Conditions for February, which were reported at 114.8 and to Expectations, which were reported at 92.1. The NZD/USD forecast indicates more upside, but will today’s US data allow bulls to push higher, or can bears continue to carve out new lows? 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 the 0.6125 to 0.6200 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.6150
- Take Profit Zone: 0.6520 – 0.6585
- Stop Loss Level: 0.6090
Should price action for the NZD/USD breakdown below 0.6125 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.6090
- Take Profit Zone: 0.5975 – 0.6000
- Stop Loss Level: 0.6125
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