Here are the key factors to keep in mind today for New Zealand Dollar trades:
- New Zealand Trade Balance: The New Zealand Trade Balance for May was reported at NZ$294M monthly and at -NZ$3,598M 12-month year-to-date. Economists predicted a figure of NZ$100M and of -NZ$3,743. Forex traders can compare this to the New Zealand Trade Balance for April which was reported at NZ$193M monthly and at -NZ$3,830M 12-month year-to-date. Exports for May were reported at NZ$5.42B and Imports were reported at NZ$5.12B. Economists predicted a figure of NZ$5.25B and of NZ$5.10B. Forex traders can compare this to Exports for April which were reported at NZ$4.96B and to Imports which were reported at NZ$4.77B.
- New Zealand ANZ Activity Outlook and ANZ Business Confidence: The New Zealand ANZ Activity Outlook for June was reported at 9.4 and ANZ Business Confidence was reported at -39.0. Forex traders can compare this to the New Zealand ANZ Activity Outlook for May which was reported at 13.6 and to ANZ Business Confidence which was reported at -27.2.
Here are the key factors to keep in mind today for US Dollar trades:
- US Wholesale Inventories: US Final Wholesale Inventories for May are predicted to increase by 0.2% monthly. Forex traders can compare this to previous US Wholesale Inventories for April which increased by 0.1% monthly.
- US Advanced Goods Trade Balance: The US Advanced Goods Trade Balance for May is predicted at -$69.0B. Forex traders can compare this to the US Advanced Goods Trade Balance for April which was reported at -$68.2B.
- US Preliminary Durable Goods Orders: US Preliminary Durable Goods Orders for May are predicted to decrease by 0.9% monthly and Durables Excluding Transportation are predicted to increase by 0.5% monthly. Forex traders can compare this to US Durable Goods Orders for April which decreased by 1.6% monthly and to Durables Excluding Transportation which increased by 0.9% monthly. Capital Goods Orders Non-Defense Excluding Aircraft for May are predicted to increase by 0.4% monthly and Capital Goods Shipments Non-Defense Excluding Aircraft are predicted to increase by 0.3% monthly. Forex traders can compare this to Capital Goods Orders Non-Defense Excluding Aircraft for April which increased by 1.0% monthly and to Capital Goods Shipments Non-Defense Excluding Aircraft which increased by 0.9% monthly.
- US Pending Home Sales: US Pending Home Sales for May are predicted to increase by 0.7% monthly and by 1.3% annualized. Forex traders can compare this to US Pending Home Sales for April which decreased by 1.3% monthly and which increased by 0.4% annualized.
Should price action for the NZDUSD remain inside the or breakout above the 0.6810 to 0.6860 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.6825
- Take Profit Zone: 0.7150 – 0.7195
- Stop Loss Level: 0.6780
Should price action for the NZDUSD breakdown below 0.6810 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.6785
- Take Profit Zone: 0.6585 – 0.6600
- Stop Loss Level: 0.6825
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
