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 June was reported at NZ$127M monthly and at -NZ$3,313M year-to-date. Economists predicted a figure of NZ$150M and of -NZ$3,300. Forex traders can compare this to the New Zealand Trade Balance for May which was reported at NZ$358M and at -NZ$3,633M. Exports were reported at NZ4.26B and Imports were reported at NZ4.13B. Economists predicted a figure of NZ$4.22B and of NZ$4.13B. Forex traders can compare this to Exports for May which were reported at NZ$4.57B and Imports which were reported at NZ$4.22B.
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 May is predicted to increase by 0.5% monthly and by 5.6% annualized. Forex traders can compare this to the US S&P/Case-Shiller Composite 20 for April which increased by 0.5% monthly and by 5.4% annualized.
- US Markit Services PMI and Markit Composite PMI: The US Preliminary Markit Services PMI for July is predicted at 52.0. Forex traders can compare this to the first US Markit Services PMI for July which was reported at 51.4. The US Preliminary Markit Composite PMI for July is predicted at 51.2. Forex traders can compare this to the first US Markit Composite PMI for July which was reported at 51.2.
- US Consumer Confidence: US Consumer Confidence for July is predicted at 95.5. Forex traders can compare this to US Consumer Confidence for June which was reported at 98.0.
- US Richmond Fed Manufacturing Index: The US Richmond Fed Manufacturing Index for July is predicted at -5. Forex traders can compare this to the US Richmond Fed Manufacturing Index for June which was reported at -7.
- US New Home Sales: US New Home Sales for June are predicted to increase by 1.6% monthly to 560K new homes. Forex traders can compare this to US New Home Sales for May which decreased by 6.0% monthly to 551K new homes.
Should price action for the NZDUSD remain inside the or breakout above the 0.7050 to 0.7100 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.7075
- Take Profit Zone: 0.7300 – 0.7350
- Stop Loss Level: 0.7000
Should price action for the NZDUSD breakdown below 0.7050 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.7000
- Take Profit Zone: 0.6850 – 0.6900
- Stop Loss Level: 0.7050
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
