The New Zealand Business Manufacturing PMI for April was reported at 38.0. Forex traders can compare this to the New Zealand Business Manufacturing PMI for March, which was reported at 53.2. Chinese Retail Sales for April decreased by 7.5% annualized. Economists predicted a decrease of 7.0% annualized. Forex traders can compare this to Chinese Retail Sales for March, which decreased by 15.8% annualized. Chinese Industrial Production for April increased by 3.9% annualized. Economists predicted an increase of 1.5% annualized. Forex traders can compare this to Chinese Industrial Production for March, which decreased by 1.1% annualized. Chinese Fixed Assets ex Rural for April decreased by 10.3% annualized. Economists predicted a decrease of 10.0% annualized. Forex traders can compare this to Chinese Fixed Assets ex Rural for March, which decreased by 16.1% annualized. The Chinese Surveyed Jobless Rate for April was reported at 6.0%. Forex traders can compare this to the Chinese Surveyed Jobless Rate for March, which was reported at 5.9%.

US Advanced Retail Sales for April are predicted to decrease by 12.0% monthly, and Retail Sales Less Autos are predicted to decrease by 8.6% monthly. Forex traders can compare this to US Advanced Retail Sales for March, which decreased by 8.4% monthly and to Retail Sales Less Autos, which decreased by 4.2% monthly. Retail Sales Control Group are predicted to decrease by 4.6% monthly. Forex traders can compare this to Retail Sales Control Group, which increased by 2.0% monthly. The US Empire Manufacturing Index for May is predicted at -63.5. Forex traders can compare this to the US Empire Manufacturing Index for April, which was reported at -78.2.

US Industrial Production for April is predicted to decrease by 11.5% monthly, and Manufacturing Production is predicted to decrease by 13.0% monthly. Forex traders can compare this to US Industrial Production for March, which decreased by 5.4% monthly and to Manufacturing Production, which decreased by 6.3% monthly. Capacity Utilization for April is predicted at 64.0%. Forex traders can compare this to Capacity Utilization for March, which was reported at 72.7%. US Business Inventories for March are predicted to decrease by 0.2% monthly. Forex traders can compare this to US Business Inventories for February, which decreased by 0.4% monthly.

Preliminary US Michigan Consumer Sentiment for May is predicted at 68.0. Forex traders can compare this to US Michigan Consumer Confidence for April, which was reported at 71.8. Preliminary Current Conditions for May are expected at 75.0, and Preliminary Expectations are predicted at 71.8. Forex traders can compare this to Current Conditions for April, which were reported at 74.3 and to Expectations, which were reported at 70.1.

The NZD/USD forecast is holding on to a bullish bias inside of its Ichimoku Kinko Hyo cloud. Today’s New Zealand Business PMI failed to pressure the New Zealand Dollar into a breakdown. Forex traders are now awaiting US retail sales, anticipated to show a steep decline due to the implemented lockdown. Consumer confidence will also be released, expected to confirm further deterioration. Will bulls get the required data to launch another advance or can bears pressure for a sell-off? 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 0.5950 to 0.6015 zone the following trade set-up is recommended:

• Timeframe: D1
• Recommendation: Long Position
• Entry Level: Long Position @ 0.5990
• Take Profit Zone: 0.6395 – 0.6465
• Stop Loss Level: 0.5880

Should price action for the NZD/USD breakdown below 0.5950 the following trade set-up is recommended:

• Timeframe: D1
• Recommendation: Short Position
• Entry Level: Short Position @ 0.5880
• Take Profit Zone: 0.5735 – 0.5775
• Stop Loss Level: 0.5950

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