Here are the key factors to keep in mind today for New Zealand Dollar trades:
- New Zealand GDP: The New Zealand GDP for the fourth-quarter increased by 0.6% quarterly and by 2.3% annualized. Economists predicted an increase of 0.6% quarterly and of 2.5% annualized. Forex traders can compare this to the New Zealand GDP for the third-quarter which increased by 0.3% quarterly and by 2.6% annualized.
- New Zealand Credit Card Spending: New Zealand Credit Card Spending for February increased by 0.2% monthly and by 6.4% annualized. Forex traders can compare this to New Zealand Credit Card Spending for January which increased by 1.5% monthly and by 6.9% annualized.
Here are the key factors to keep in mind today for US Dollar trades:
- US Philadelphia Fed Business Outlook: The Philadelphia Fed Business Outlook for March is predicted at 5.0. Forex traders can compare this to the Philadelphia Fed Business Outlook for February which was reported at -4.1.
- US Initial Jobless Claims and Continuing Claims: US Initial Jobless Claims for the week of March 16th are predicted at 225K and US Continuing Claims for the week of March 9th are predicted at 1,768K. Forex traders can compare this to US Initial Jobless Claims for the week of March 9th which were reported at 229K and to US Continuing Claims for the week of March 2nd which were reported at 1,776K.
- US Leading Indicators: US Leading Indicators for February are predicted to increase by 0.1% monthly. Forex traders can compare this to US Leading Indicators for January which decreased by 0.1% monthly.
Should price action for the NZDUSD remain inside the or breakdown below the 0.6890 to 0.6935 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.6915
- Take Profit Zone: 0.6710 – 0.6745
- Stop Loss Level: 0.6970
Should price action for the NZDUSD breakout above 0.6935 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.6950
- Take Profit Zone: 0.7020 – 0.7055
- Stop Loss Level: 0.6915
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
