The New Zealand Trade Balance for February was reported at NZ$594M monthly and at -NZ$3,258M 12-month year-to-date. Economists predicted a figure of NZ$525M and of -NZ$3,418M. Forex traders can compare this to the New Zealand Trade Balance for January, which was reported at -NZ$414M monthly and at -NZ$3,946M 12-month year-to-date. Exports for February were reported at NZ$4.92B, and Imports were reported at NZ$4.33B. Economists predicted a figure of NZ$4.90B and NZ$4.30B. Forex traders can compare this to Exports for January, which were reported at NZ$4.69B and to Imports, which were reported at NZ$5.10B.
US Preliminary Durable Goods Orders for February are predicted to decrease by 1.0% monthly, and Durables Excluding Transportation are predicted to decrease by 0.4% monthly. Forex traders can compare this to US Durable Goods Orders for January, which decreased by 0.2% monthly and to Durables Excluding Transportation, which increased by 0.5% monthly. Capital Goods Orders Non-Defense Excluding Aircraft for February are predicted to decrease by 0.3% monthly, and Capital Goods Shipments Non-Defense Excluding Aircraft are predicted to increase by 0.1% monthly. Forex traders can compare this to Capital Goods Orders Non-Defense Excluding Aircraft for January, which increased by 1.1% monthly and to Capital Goods Shipments Non-Defense Excluding Aircraft, which increased by 1.0% monthly.
The US House Price Index for January is predicted to increase by 0.4% monthly. Forex traders can compare this to US House Price Index for December, which increased by 0.6% monthly. The NZD/USD forecast is moderately bullish after price action recovered from a multi-year low. Where is price action headed next? 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 0.5790 to 0.5955 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.5890
- Take Profit Zone: 0.6275– 0.6375
- Stop Loss Level: 0.5735
Should price action for the NZD/USD breakdown below 0.5790 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.5735
- Take Profit Zone: 0.5470 – 0.5580
- Stop Loss Level: 0.5790
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