Source: PaxForex Premium Analytics Portal, Fundamental Insight
New Zealand Westpac Consumer Confidence for the third quarter was reported at 102.7. Forex traders can compare this to New Zealand Westpac Consumer Confidence for the second quarter, reported at 107.1. New Zealand Credit Card Spending for August decreased 6.3% annualized. Forex traders can compare this to New Zealand Credit Card Spending for July, which increased 6.9% annualized.
US Housing Starts for August are predicted at 1,555K starts, and Building Permits at 1,600K permits. Forex traders can compare this to US Housing Starts for July, reported at 1,534K starts and to Building Permits, reported at 1,630K permits. The US Current Account Balance for the second quarter is predicted at -$191.0B. Forex traders can compare this to the US Current Account Balance for the first quarter, reported at -$195.7B.
The forecast for the NZD/USD turned bullish after a healthy correction took this currency pair into support, provided by its slowly ascending Ichimoku Kinko Hyo Cloud. Traders should expect a few volatile trading sessions with the Kijun-sen flat but the Tenkan-sen declining. After the CCI dropped into extreme oversold territory, it stabilized and now shows early signs of a reversal. Traders should wait for a breakout above -100 before entering buy orders. Will bulls wrestle control from bears and force the NZD/USD 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 0.7010 to 0.7040 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.7025
- Take Profit Zone: 0.7135 – 0.7170
- Stop Loss Level: 0.6985
Should price action for the NZD/USD breakdown below 0.7010, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.6985
- Take Profit Zone: 0.6910 – 0.6930
- Stop Loss Level: 0.7010
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
