Source: PaxForex Premium Analytics Portal, Fundamental Insight
The New Zealand ANZ Activity Outlook for November plunged 13.7%, and ANZ Business Confidence at -57.1. Forex traders can compare this to the New Zealand ANZ Activity Outlook for October, which decreased 2.5%, and to ANZ Business Confidence, reported at -42.7.
The Chinese Non-Manufacturing PMI for November came in at 46.7, and the Chinese Manufacturing PMI at 48.0. Economists predicted a figure of 48.0 and 49.0. Forex traders can compare this to the Chinese Non-Manufacturing PMI for October, reported at 48.7, and the Chinese Manufacturing PMI, at 49.2. The Chinese Composite PMI for November came in at 47.1. Forex traders can compare this to the Chinese Composite PMI for October, reported at 49.0.
The US ADP Employment Change for November is predicted at 200K. Forex traders can compare this to the US ADP Employment Change for October, reported at 239K.
The Advanced US GDP for the third quarter is predicted to increase by 2.7% quarterly. Forex traders can compare this to the second quarter GDP, which decreased by 0.6% quarterly. Corporate Profits for the third quarter are predicted to rise by 3.1% quarterly and Real Consumer Spending by 1.4%. Forex traders can compare this to second-quarter Corporate Profits, which increased by 6.2% quarterly and Real Consumer Spending by 2.0%. Advanced GDP Sales for the third quarter are predicted to increase by 3.3% annualized. Forex traders can compare this to second-quarter GDP Sales, which rose 1.3% annualized. The GDP Price Index for the third quarter is predicted to increase by 4.1% annualized. Forex traders can compare this to the second quarter GDP Price Index, which surged 9.0% annualized. The PCE for the third quarter is predicted to rise 4.2% annualized. Forex traders can compare this to the second quarter PCE, which expanded by 7.3% annualized. The Core PCE for the third quarter is predicted to rise 4.5% annualized. Forex traders can compare this to the second quarter Core PCE, which expanded by 4.7% annualized.
The US Trade Balance for October is predicted at -$90.20B. Forex traders can compare this to the US Trade Balance for September, reported at -$92.22B. US Preliminary Wholesale Trade Sales for October are predicted to increase by 0.5% monthly. Forex traders can compare this to US Wholesale Trade Sales for September, which rose 0.6% monthly.
The US Chicago PMI for November is predicted at 47.0. Forex traders can compare this to the US Chicago PMI for October, reported at 45.2. US JOLTS Job Openings for October are predicted at 10.300M. Forex traders can compare this to US JOLTS Job Openings for September, reported at 10.717M. US Pending Home Sales for October are predicted to drop 5.0% monthly. Forex traders can compare this to US Pending Home Sales for September, which plunged 10.2% monthly.
US Crude Oil Inventories for the week ending November 25th are predicted at -2.758M. Traders can compare this to US Crude Oil Inventories for the week ending November 18th, reported at -3.691M. US Gasoline Inventories for the week ending November 25th are predicted at 1.625M, and US Distillate Stocks at 1.457M. Traders can compare this to US Gasoline Inventories for the week ending November 18th, reported at 3.058M, and to US Distillate Stocks at 1.718M.
Speeches by US Fed Governor Cook and US Fed President Powell are likely to move the US Dollar late during the US trading sessions. Forex traders will look forward to the US Federal Reserve Beige Book, which covers all twelve Federal Reserve districts and consists of current economic conditions and challenges. It may provide an important indicator of how fast the US economy is slowing down. Volatility in the US Dollar is expected to increase as forex traders sort through the details of the Beige Book.
The outlook for the NZD/USD remains bearish after price action reached its horizontal resistance area and bullish momentum began to fade. Confirming the slow momentum change is the Ichimoku Kinko Hyo Cloud, which shows signs of entering a sideways trend following its bullish crossover. The Kijun-sen and the Tenkan-sen show a slowing uptrend, expected to flatten over the next trading sessions. Traders should monitor the CCI after it has formed a negative divergence in extreme overbought territory followed by a breakdown below 100, from where more downside is expected. 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 breakdown below the 0.6190 to 0.6245 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.6225
- Take Profit Zone: 0.5950 – 0.6015
- Stop Loss Level: 0.6290
Should price action for the NZD/USD breakout above 0.6245, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.6290
- Take Profit Zone: 0.6350 – 0.6415
- Stop Loss Level: 0.6245
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