Source: PaxForex Premium Analytics Portal, Fundamental Insight
New Zealand Food Prices for September decreased by 0.4% monthly and surged by 8.0% annualized. Forex traders can compare this to New Zealand Food Prices for August, which rose by 0.5% monthly and accelerated by 8.9% annualized.
US Initial Jobless Claims for the week of October 7th are predicted at 210K, and US Continuing Claims for the week of September 30th at 1,680K. Forex traders can compare this to US Initial Jobless Claims for the week of September 30th, reported at 207K, and US Continuing Claims for the week of September 23rd at 1,664K.
The US CPI for September is predicted to increase by 0.3% monthly and by 3.6% annualized. Forex traders can compare this to the US CPI for August, which rose by 0.6% monthly and 3.7% annualized. The US Core CPI for September is predicted to expand by 0.3% monthly and by 4.1% annualized. Forex traders can compare this to the US Core CPI for August, which rose by 0.3% monthly and by 4.3% annualized.
US Crude Oil Inventories Change for the week ending October 6th are predicted at 0.492M. Traders can compare this to US Crude Oil Inventories Change for the week ending September 29th, reported at -2.224M. US Gasoline Inventories Change for the week ending October 6th are predicted at -0.800M, and US Distillate Stocks Change at -0.802M. Traders can compare this to US Gasoline Inventories Change for the week ending September 29th, reported at 6.481M, and US Distillate Stocks Change at -1.269M.
The US Monthly Budget Statement for September is predicted at -$78.6B. Forex traders can compare this to the US Monthly Budget Statement for August, reported at -$89.0B.
The forecast for the NZD/USD remains cautiously bullish after this currency pair completed and maintained a breakout above its horizontal support area. Following a bullish crossover, the Tenkan-sen and the Kijun-sen drift marginally higher, suggesting that bulls manage to hold on to control over price action. The Ichimoku Kinko Hyo Cloud began to narrow, with the Senkou Span A moving gradually higher and the Senkou Span B descending. Traders should also monitor the CCI after moving out of extreme overbought territory. This technical indicator may correct marginally but should remain above zero and has plenty of upside potential. Can bulls maintain control over the NZD/USD and push price action into its 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 0.5985 to 0.6055 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.6010
- Take Profit Zone: 0.6200 – 0.6260
- Stop Loss Level: 0.5925
Should price action for the NZD/USD breakdown below 0.5985, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.5925
- Take Profit Zone: 0.5740 – 0.5835
- Stop Loss Level: 0.5985
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
