Source: PaxForex Premium Analytics Portal, Fundamental Insight
The New Zealand Business PMI for August came in at 46.1. Forex traders can compare this to the New Zealand Business PMI for July, reported at 46.3.
Chinese Retail Sales for August increased by 4.6% annualized. Economists predicted a rise of 3.0% annualized. Forex traders can compare this to Chinese Retail Sales for July, which expanded by 2.5% annualized.
Chinese Industrial Production for August increased by 4.5% annualized. Economists predicted an expansion of 4.0% annualized. Forex traders can compare this to Chinese Industrial Production for July, which rose 3.7% annualized.
Chinese Fixed Assets ex Rural for August expanded by 3.2% annualized. Economists predicted a rise of 3.3% annualized. Forex traders can compare this to Chinese Fixed Assets ex Rural for July, which increased 3.4% annualized.
The Chinese Surveyed Jobless Rate for August came in at 5.2%. Economists predicted 5.3%. Forex traders can compare this to the Chinese Surveyed Jobless Rate for July, reported at 5.3%.
The US Import Price Index for August is predicted to increase by 0.3% monthly, and the US Export Price Index by 0.4% monthly. Forex traders can compare this to the US Import Price Index for July, which rose by 0.4% monthly, and to the US Export Price Index, which accelerated by 0.7% monthly.
The US Empire Manufacturing Index for September is predicted at -10.00. Forex traders can compare this to the US Empire Manufacturing Index for August, reported at -19.00.
US Industrial Production for August is predicted to expand by 0.1% monthly, and Manufacturing Production by 0.1% monthly. Forex traders can compare this to US Industrial Production for July, which rose by 1.0% monthly, and Manufacturing Production, which increased by 0.5% monthly. Capacity Utilization for August is predicted at 79.3%. Forex traders can compare this to Capacity Utilization for July, reported at 79.3%.
Preliminary US Michigan Consumer Sentiment for September is predicted at 69.1. Forex traders can compare this to US Michigan Consumer Confidence for August, reported at 69.5. Preliminary Current Conditions for September are expected at 75.3, and Preliminary Expectations are predicted at 66.0. Forex traders can compare this to Current Conditions for August, reported at 75.7, and Expectations, reported at 65.5.
The forecast for the NZD/USD remains bullish after this currency pair broke out from its horizontal support area. Volatility could rise as the Tenkan-sen, the Kijun-sen, and the Ichimoku Kinko Hyo Cloud move lower. Traders should monitor the CCI following its double breakout from extreme oversold conditions and above zero. This technical indicator has plenty of upside potential and bullish momentum, likely to lead price action high. Can bulls maintain control over the NZD/USD and push this currency pair 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 0.5900 to 0.5945 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.5930
- Take Profit Zone: 0.6125 – 0.6185
- Stop Loss Level: 0.5860
Should price action for the NZD/USD breakdown below 0.5900, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.5860
- Take Profit Zone: 0.5740 – 0.5800
- Stop Loss Level: 0.5900
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
