Here is the key factor to keep in mind today for New Zealand Dollar trades:
- New Zealand Trade Balance: The New Zealand Trade Balance for December was reported at NZ$264M monthly and at -NZ$5,858M 12-month year-to-date. Economists predicted a figure of NZ$150M and of -NZ$5,812M. Forex traders can compare this to the New Zealand Trade Balance for November which was reported at -NZ$861M monthly and at -NZ$5,423M 12-month year-to-date. Exports for December were reported at NZ$5.48B and Imports were reported at NZ$5.22B. Economists predicted a figure of NZ$5.50B and of NZ$5.30B. Forex traders can compare this to Exports for November which were reported at NZ$4.94B and to Imports which were reported at NZ$5.80B.
Here are the key factors to keep in mind today for US Dollar trades:
- US S&P/Case-Shiller Composite 20: The US S&P/Case-Shiller Composite 20 for November is predicted to increase by 0.40% monthly and by 4.90% annualized. Forex traders can compare this to the US S&P/Case-Shiller Composite 20 for October which increased by 0.41% monthly and by 5.03% annualized.
- US Consumer Confidence: US Consumer Confidence for January is predicted at 124.6. Forex traders can compare this to US Consumer Confidence for December which was reported at 128.1.
Should price action for the NZDUSD remain inside the or breakdown below the 0.6815 to 0.6870 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.6850
- Take Profit Zone: 0.6650 – 0.6690
- Stop Loss Level: 0.6925
Should price action for the NZDUSD breakout above 0.6870 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.6885
- Take Profit Zone: 0.7020 – 0.7055
- Stop Loss Level: 0.6850
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
